Dril-Quip Inc., which makes equipment for offshore oil drilling, said Friday its profit slipped from a year ago on a charge even as sales rose, and it gave a fourth-quarter outlook in line with Wall Street expectations.
The company said it earned $25.1 million, or 63 cents per share, compared with $27.4 million, or 69 cents per share, a year ago.
The results included an after-tax charge of $3.5 million, or 9 cents per share, for contract-termination costs after the death of a co-CEO.
Analysts, who usually exclude charges from their calculations, had expected earnings of 67 cents per share.
Revenue rose to $138.2 million from $132.3 million a year ago, beating analysts' forecast of $136.1 million.
The company said it expects to earn between 62 and 72 cents per share in the fourth quarter, excluding special items. Analysts forecast 67 cents per share.
Dril-Quip shares gained 39 cents, to $52.96, in midday trading.