Dril-Quip Inc., which makes offshore drilling and production equipment, said Friday it authorized a buyback of up to $100 million of its common stock.
The company did not set a time frame for the buyback. The repurchases will be made on the open market, through private transactions, or under a 10b5-1 plan, which allows the company to buy shares when it otherwise might be prevented from doing so under insider trading rules.
Dril-Quip had about 40.8 million shares outstanding as of May 6.
Also Friday, the company said its first-quarter earnings rose but missed Wall Street's expectations, and it issued a second-quarter earnings prediction below analysts' current forecasts.
Shares sank $3.42, or 5.6 percent, to $57.50 in premarket electronic trading, after closing Thursday at $60.92.
Terms & Conditions
RSS Headlines
Fool UK