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HOUSTON, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE: DRQ) today announced that its Board of Directors has authorized a stock repurchase program under which the Company can repurchase up to $100 million of its outstanding common stock. The repurchase program has no set expiration date. Repurchases under the program will be made through open market purchases, privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and may be modified or suspended at any time at the Company’s discretion. Any repurchased shares are expected to be cancelled.
In the fourth quarter of 2018, the Company completed a previously authorized stock repurchase program of $100 million.
Blake DeBerry, Dril-Quip's President and Chief Executive Officer commented, "We are pleased to announce this new share repurchase program as it underscores our positive long-term outlook for our business, our confidence in the strength of our balance sheet, and our ongoing ability to generate free cash flow. We believe share buybacks are a very good way to return cash to our shareholders. We remain focused on operating efficiently, delivering profitable growth, and increasing shareholder value.”
Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep water, harsh environments and severe service applications.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding stock repurchases. Forward-looking statements are based upon certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company’s international operations, operating risks, and other factors detailed in the Company’s public filings with the Securities and Exchange Commission. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.
Investor Relations Contact
Trevor Ashurst, Manager of Investor Relations (713) 939-7711