NYSE$INVX
Innovex International Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported strong revenue growth driven by the Great North acquisition and key customer deliveries, along with substantial free cash flow improvement.
Dril-Quip reported a 31% sequential increase in revenue, driven by the acquisition of Great North and key deliveries to customers. Free cash flow was the highest since 2017, benefiting from improved working capital and a U.S. tax refund. However, capacity constraints in the offshore rig market are introducing headwinds.
- Revenue increased 31% sequentially and 33% year-over-year to $117.2 million.
- Net Loss decreased to $7.0 million, a $10.5 million decrease sequentially.
- Cash provided by operations was $26.8 million, an increase of $25.8 million year-over-year.
- Free cash flow was $21.4 million, the highest since 2017.
Headline financials
Revenue & EPS history
Dril-Quip · Revenue · Quarterly
$117M
Revenue by segment
Dril-Quip · $105M total across 2 segments · Q3 2023
- Product Revenues$77.6M+32.6%74.0%
- Service Revenues$27.2M+33.1%26.0%
Forward guidance
Capacity constraints in the offshore rig market are introducing headwinds. Multiple customers have delayed product orders and service deliveries due to rig availability delaying drilling schedules, with latest estimates pushing some activity to spring of 2024. Our view that we are in the early innings of a multi-year offshore upcycle and that Dril-Quip’s portfolio is well-positioned for growth remains unchanged.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.0%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+0.1%
Avg return
30 days after
49%
33 / 68 earnings
Positive
+16.7%
Q4 2022
Best reaction
-19.2%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.5% | -2.8% | +3.5% | |
| Q4 2025 | +6.4% | -3.0% | -8.8% | |
| Q3 2025 | -4.1% | -1.9% | +15.6% | |
| Q1 2025 | +3.3% | -0.3% | +3.6% | |
| Q4 2024 | +16.4% | +10.5% | +9.5% | |
| Q3 2024 | -0.7% | +4.1% | -5.7% | |
| Q2 2024 | -12.1% | -13.3% | -5.8% | |
| Q1 2024 | +2.8% | +4.6% | +6.9% | |
| Q4 2023 | +10.6% | +8.8% | +7.3% | |
| Q3 2023 | -8.1% | -12.6% | -8.6% | |
| Q2 2023 | +7.3% | +9.8% | +8.9% | |
| Q1 2023 | -4.4% | -11.0% | -4.8% | |
| Q4 2022 | +16.7% | +21.9% | -4.1% | |
| Q3 2022 | -9.1% | -8.0% | -7.9% | |
| Q2 2022 | +1.4% | -6.8% | -6.6% | |
| Q1 2022 | -4.2% | -0.8% | +5.6% | |
| Q4 2021 | +10.5% | +16.2% | +43.8% | |
| Q3 2021 | +0.3% | +1.9% | -17.7% | |
| Q2 2021 | -1.3% | +2.4% | -14.6% | |
| Q1 2021 | +2.0% | +7.1% | +11.6% | |
| Q4 2020 | -7.8% | -9.0% | -7.4% | |
| Q3 2020 | +8.5% | +7.5% | +27.7% | |
| Q2 2020 | -7.7% | -2.5% | -5.7% | |
| Q1 2020 | -8.3% | -5.0% | +23.2% | |
| Q4 2019 | +1.6% | +5.0% | -20.2% | |
| Q3 2019 | -9.0% | -8.3% | -10.4% | |
| Q2 2019 | +3.8% | +4.7% | -9.0% | |
| Q1 2019 | -2.1% | -2.0% | -7.7% | |
| Q4 2018 | +15.6% | +13.0% | +22.3% | |
| Q3 2018 | +3.3% | +3.4% | -5.8% | |
| Q2 2018 | -6.8% | -7.9% | -7.4% | |
| Q1 2018 | -6.4% | -5.2% | +3.8% | |
| Q4 2017 | -4.1% | -6.0% | -4.7% | |
| Q3 2017 | +6.4% | +10.3% | +16.9% | |
| Q2 2017 | +1.8% | -13.0% | -26.9% | |
| Q1 2017 | +0.0% | -5.0% | -4.4% | |
| Q4 2016 | -11.0% | -14.2% | -19.7% | |
| Q3 2016 | -6.6% | -8.4% | +4.6% | |
| Q2 2016 | -5.1% | -1.1% | +3.2% | |
| Q1 2016 | +1.5% | — | — | |
| Q4 2015 | +3.3% | — | — | |
| Q3 2015 | -6.3% | — | — | |
| Q2 2015 | -7.9% | — | — | |
| Q1 2015 | +5.2% | — | — | |
| Q4 2014 | +4.9% | — | — | |
| Q3 2014 | -4.4% | — | — | |
| Q2 2014 | -4.6% | — | — | |
| Q1 2014 | -8.7% | — | — | |
| Q4 2013 | +11.5% | — | — | |
| Q3 2013 | -0.9% | — | — | |
| Q2 2013 | +9.7% | — | — | |
| Q1 2013 | +4.9% | — | — | |
| Q4 2012 | -1.6% | — | — | |
| Q3 2012 | +1.6% | — | — | |
| Q2 2012 | -0.7% | — | — | |
| Q1 2012 | -0.3% | — | — | |
| Q4 2011 | -8.1% | — | — | |
| Q3 2011 | +1.7% | — | — | |
| Q2 2011 | -19.2% | — | — | |
| Q1 2010 | +6.7% | — | — | |
| Q1 2011 | -0.0% | — | — | |
| Q4 2008 | -3.1% | — | — | |
| Q4 2010 | -3.1% | — | — | |
| Q3 2010 | +4.9% | — | — | |
| Q3 2009 | +4.9% | — | — | |
| Q2 2010 | +3.2% | — | — | |
| Q4 2009 | +3.2% | — | — | |
| Q2 2009 | +3.2% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro