Dresser-Rand Group Inc Dresser- Inc. (NYSE: DRC) Second Quarter 2011 Conference Call August 5, 5 2011 Copyright 2009 9
Second Quarter 2011 Challenging quarter given non-recurring and unusual items Backlog has continued to build Maintain previously provided full year guidance for: Bookings (before Guascor) Operating income (before Guascor)…
Second Quarter Analysis ( in i Millions, Milli exceptt EPS) Pre-tax EPS Wellsville flood 10.8 0.08 Guascor integration & transaction exp. 7.9 0.06 Middle East & North Africa 40 4.0 0 03 0.03 Guascor operating loss 0.8 0.01…
Aftermarket Bookings ( in Millions) 321 325 46 Guascor Aftermarket bookings before 260 253 263 275 Guascor: 195 130 Up 5% vs. 1Q11 65 Up 9% vs. 2Q10 0 2Q10 1Q11 2Q11 Reaffirm full year guidance of 1,000 - 1,200 1 0 tto…
New Units Bookings ( in Millions) 325 283 New units bookings down vs. 304 260 41 Guascor 260 242 1Q11 due to timing of closing 195 two major projects 130 65 Expect p run rate to increase 0 sequentially over next two 2Q10…
Major New Units Bookings Upstream bookings represented nearly two-thirds of the total Q2 bookings The larger upstream projects: FPSOs destined for offshore Brazil and West Africa An export p g gas application pp for an offshore g…
Joint R&D Project with Statoil Development project based on Integrated Compression System Focus initially on configuring the ICS package for high power applications in a nominal 8-12 MW range Plan to conduct testing on a unique…
Revenues ( in Millions) Total revenues up 37% 589 600 75 R Revenues adversely d l iimpacted t dbby: 431 242 Lower volumes in the Middle 400 263 East and North Africa, principally Libya 200 272 Wellsville flood 21 million of…
Second Quarter 2011 Results ( in Millions) 2Q11 2Q10 Change Revenues 588.9 431.2 37% Cost of Sales 443.7 287.6 54% - % of Revenues 75.3% 66.7% Selling & Administrative 99.6 74.1 34% Research & Development 7.7 6.6 17% Operating…
New Unit Operating Income & Margins ( in Millions) 40 20.0% Margin decreased due to: 17.1% W ll ill flflood Wellsville d 30 28.7 15.0% A large low margin 22.0 21.1 21 1 9.3% job 20 10.0% 7.3% 7.7% 13.5 Maintaining full year…
Aftermarket Operating Income & Margins ( in Millions) 60 58.2 25% Margins before Guascor b l below average principally i i ll 50 22.1% 46.1 46.9 20% due to Wellsville flood 40 19.4% 15% Reaffirm previous guidance 28.9 16.0% for…
1H Operating Cash Flow ( in Millions)) 1H11 1H10 Net Income Attributable to Dresser-Rand 11.1 57.3 D&A 37.0 25.8 Working Capital (36.7) 1.7 Pension Contributions (25.7) (5.4) Other 0.5 23.1 Operating Activities Activities,…
Net Working Capital ( in Millions) 6/30/11 12/31/10 Accts. Receivable, Net 366 304 Inventories, Gross 705 501 Less Progress Payments (302) (209) Inventories, Net 403 292 Prepaid Expenses 68 36 Accounts Payable & Accruals (504)…
1H Cash Flow ( in Millions)) 1H11 1H10 Net Cash (Used In) Provided by Operating Activities (13.8) 102.5 Investing g Activities ((293.0)) ((78.6)) Financing Activities (1.4) (24.5) Effect of Exchange Rate 14.8 (15.9) Net Change in…
Capital Structure at End of Period ( in Millions) Net Debt to Capital Total debt 974 65% Sr. Sub. Notes - 375 Term Loan - 383 51% 56% Revolver - 20 45% 37% 42% Guascor assumed - 196 32% 23% Net debt 835 23% 20% Net debt to…
2011 Full Year Guidance including Guascor New Units Bookings 1.4 to 1.6 billion Aftermarket Bookings 1.1 to 1.3 billion Operating Income 275 to 315 million - New Unit Operating Margins L Low D Double bl Di Digits it -…
Appendix Copyright 2009 9
EPS Adjusted for Unusual Items 2Q11 2Q10 GAAP EPS 0 14 0.14 0 43 0.43 Adjustments to (from) Net Income - Wellsville flood 0 08 0.08 0 00 0.00 - Guascor integraton & transaction cost 0.06 0.00 - Middle East & North Africa unrest…
Net Income Adjusted for Unusual Items ( in Millions) 2Q11 2Q10 Net Income Attributable to Dresser-Rand 10.7 35.0 Wellsville flood 6.6 0.0 Guascor integraion & transaction costs 4.9 0.0 Middle East & North Africa unrest 2.5 0.0 G…
NWC Reconciliation to GAAP ( in Millions) 6/30/2011 3/31/2011 12/31/2010 Current Assets 1 007 4 1,007.4 981 6 981.6 1 084 2 1,084.2 Less: Current Liabilities (848.9) (774.2) (669.1) GAAP Net Working Capital (NWC) 158.5 207.4…
Net Debt Reconciliation to GAAP ( in i Millions) Milli ) At 6/30 2011 2010 Total Debt 973.7 370.0 Less Cash (138.6) (206.7) Net Debt 835.1 163.3 The Companys management views net debt, a non-GAAP financial measure, to be…
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