DRQ - Dril-Quip GAAP EPS of $0.45 beats by $0.47 revenue of $88.1M misses by $3.83M

• Dril-Quip press release ( NYSE: DRQ ): Q3 GAAP EPS of $0.45 beats by $0.47 .
• Revenue of $88.1M (+6.1% Y/Y) misses by $3.83M .
• Generated adjusted EBITDA of $7.0 million, or 8.0% of revenue, a decrease of $2.3 million from the second quarter of 2022;
• Cash and short-term investments ended the third quarter at $315.6 million. Third quarter net cash provided by operating activities of $1.0 million and free cash flow of negative $9.2 million, inclusive of $10.3 million of capital expenditures;
• Closed on the sale of the Houston forge facility during the third quarter of 2022 driving a net gain on sale of $17.3 million;
• Booked $75.0 million of gross new orders during the third quarter of 2022. Net of $13.3 million of cancellations and adjustments, bookings were $61.7 million;
• Repurchased $11.1 million of shares at an average price of $24.35 during the third quarter of 2022. Year-to-date repurchases through the third quarter of 2022 total approximately $21 million; and

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