8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 9, 2012

DRIL-QUIP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-13439	74-2162088
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6401 N. Eldridge Parkway Houston, Texas		77041
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 939-7711

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2012, Dril-Quip, Inc. (“Dril-Quip”) reported third quarter 2012 earnings. For additional information regarding Dril-Quip’s third quarter 2012 earnings, please refer to Dril-Quip’s press release attached to this report as Exhibit 99.1 (the “Press Release”), which Press Release is incorporated by reference herein.

The information in the Press Release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by Dril-Quip under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The exhibit listed below is being furnished pursuant to Item 2.02 of this Form 8-K:

Exhibit No.	Description
99.1	Press Release issued November 9, 2012.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DRIL-QUIP, INC.
By:	/s/ Jerry M. Brooks
	Jerry M. Brooks
	Vice President—Finance and Chief Financial Officer

Date: November 9, 2012

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release issued November 9, 2012.

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EX-99.1

Exhibit 99.1

Contact: Jerry M. Brooks, Chief Financial Officer, (713) 939-7711

DRIL-QUIP, INC. ANNOUNCES RESULTS FOR THIRD QUARTER 2012

HOUSTON, November 9, 2012 — Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $29.7 million, or $0.73 per diluted share for the three months ended September 30, 2012, versus net income of $23.3 million, or $0.58 per diluted share for the third quarter of 2011. Total revenues were $190.9 million during the quarter ended September 30, 2012 compared to $155.0 million for the same period in 2011, an increase of $35.9 million or approximately 23%. The increase in revenues resulted from increased product revenues of $25.3 million and increased service revenues of $10.6 million.

For the nine months ended September 30, 2012, net income was $88.3 million, or $2.18 per diluted share, compared with net income of $67.1 million, or $1.67 per diluted share, for the same period in 2011. Total revenues rose to $544.6 million during the nine months ended September 30, 2012 from $429.7 million during the same period in 2011, an increase of approximately 27%.

Based upon current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for the quarter ending December 31, 2012 to approximate $0.65 to $0.75 per share. The Company expects its full-year 2012 earnings per diluted share to be in the range of $2.83 to $2.93, excluding any unusual or special charges.

In addition, the Company announced that its backlog at September 30, 2012 was approximately $747 million, compared to its September 30, 2011 backlog of approximately $730 million. The Company’s September 30, 2012 backlog includes no orders related to its new four-year contract with Petrobras that was announced in August 2012. Subsequent to September 30, 2012, purchase orders totaling approximately $60 million have been received under this contract. This amount, and any additional orders received under the Petrobras contract prior to December 31, 2012, will be included in the Company’s year-end backlog.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

Statements contained herein relating to future operations and financial results that are forward looking statements are based upon certain assumptions and analyses made by the management of 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, uncertainties regarding future oil and gas exploration and production activities in the Gulf of Mexico, including the effects of new governmental regulations, 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 statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Dril-Quip, Inc.

Comparative Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2012			2011			2012			2011
Revenues	$	190,860		$	155,035		$	544,554		$	429,696
Cost and expenses:
Cost of sales		121,821			96,487			337,196			258,600
Selling, general and administrative		20,764			18,274			58,614			52,572
Engineering and product development		9,552			8,498			28,640			25,725
		152,137			123,259			424,450			336,897
Operating Income		38,723			31,776			120,104			92,799
Interest income		148			84			329			269
Interest expense		(7	)		(15	)		(21	)		(37	)
Income before income taxes		38,864			31,845			120,412			93,031
Income tax provision		9,207			8,582			32,155			25,888
Net income	$	29,657		$	23,263		$	88,257		$	67,143
Diluted earnings per share	$	0.73		$	0.58		$	2.18		$	1.67
Weighted average shares–diluted		40,589			40,296			40,492			40,311
Depreciation and amortization	$	6,979		$	6,367		$	19,410		$	16,973
Capital expenditures	$	12,869		$	12,275		$	40,606		$	45,114