Dril-Quip sees FY18 $380M-$420M, consensus $389.24M
"While we are optimistic after seeing early signs of increased activity in our end markets, we believe the near-term oil prices and the offshore rig environment will remain uncertain through 2018. We expect the Company's revenue to average between $90 million and $100 million per quarter through the first three quarters of 2018 before ramping up on new project work in the fourth quarter of 2018. As a result, we anticipate our full-year 2018 revenue to be between $380 million and $420 million. In February 2018, the Company was awarded a contract to supply top tension riser systems and related services for the development of the Ca Rong Do Project located offshore Vietnam. In addition, several significant projects are in the later stages of planning and award but are still dependent on financing. Although incremental project-based bookings are expected in 2018, the Company does not, at present, expect these bookings to materially affect 2018 revenue. Assuming oil prices remain in the $55 - $65 range, we believe we are at the trough in revenue and expect to see expansion of backlog throughout 2018. Accordingly, the Company finished 2017 with a backlog of $207 million, and our current backlog is approximately $290 million."