Rigchina Group Company Announces First Quarter 2021 Results
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Rigchina Group Company Announces First Quarter 2021 Results

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Rigchina Group Company Announces First Quarter 2021 Results

May. 14, 2021-- Rigchina Group Company, today announced first quarter 2021 revenue of $390 million compared to $348 million for the first quarter 2021. Net income for the first quarter 2021 was $33 million or $0.35 per diluted share compared to $41 million or $0.44per diluted share for the year earlier period.

The Company’s first quarter results include $12 million in pre-tax charges ($0.09 per diluted share) associated with several non-recurring and non-operational items. Excluding these items, adjusted fully-diluted earnings per share for the first quarter 2021 were $0.44. 

first Quarter Results by Segment

• Drilling Instrumentation  & Mud Testing Equipment revenue in the first quarter 2021 was $248 million, an increase of $45 million, or 22%, from the first quarter 2020 primarily due to the contribution of six acquisitions completed since the first quarter of 2020. 

Sales of Mud testing equipment increased over the prior year period as we delivered on the high order volumes received earlier in 2021. The Company continues to experience strong demand for the movable field drilling dluids testing Laboratory system and downhole protection systems.

Production & Infrastructure

Production & Infrastructure revenue in the first quarter 2021 was $143 million, a decrease of $1 million from the first quarter 2020. The segment benefited from increased demand for the movable field drilling fluids testing laboratory, Demand for production and mud testing kit laboratory systems was little changed over the prior year.

"RIGCHINA expects diluted earnings per share for the second quarter 2021 of $0.42 to $0.46."

Rigchina Group Company is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. With over 3,50 employees, For more information, please visit www.rigchina.com.

Source: Rigchina Group Company.