Dresser-Rand Group Inc. (NYSE: DRC) First Quarter 2014 Conference Call May 2, 2014 Copyright 2009
1Q14 Overview and Highlights Operating income slightly above top end of guidance Net working capital improved Cash generated from operating activities Major project awards expected over next few months Aftermarket bookings comparable…
Aftermarket Bookings March YTD ( in Millions) 399 1Q14 bookings 12% lower 400 Spanish Ops. 351 vs. 1Q13 Currency NOC 4% higher adjusted for 300 items mentioned below 338 Decrease due to: Before above Impact of draft Spanish…
New Unit Bookings March YTD ( in Millions) 275 1Q14 9% lower vs. 1Q13 269 Major 1Q14 new unit awards: 244 LNG facility eastern U.S. shore 220 Natural gas to liquids export terminal in the U.S. 165 Offshore production platform…
1st Commercial Order Applying Synchrony Magnetic Bearing Technology by Major O&G Company Compression equipment for a large gas plant in the Middle East Two oil free DATUM compressors for sales and propane gas services Driven by…
Awarded 1st Order for LNGo 10 million order Single facility to be located in North America Liquefy pipeline gas for LNG distribution Believe scalable plants give operators greater flexibility to pace their growth commensurate…
Bookings Twelve Months ended 3/31/14 ( in Millions) Bookings for the last 3,200 3,004 twelve months 2,868 Total 5% lower vs. 2,400 same period a year ago 1,547 1,562 New unit 10% lower 1,600 Aftermarket 1% higher Bookings in the…
Backlog by Segment ( in Millions) 3,000 2,864 2,749 Backlog of 2.7 billion 2,500 656 4% lower than at 3/31/13 703 2,000 New unit backlog down 1,500 7% vs. last year 1,000 2,208 2,046 Aftermarket backlog up 500 7% vs. last year…
Sales by Segment ( in Millions) 800 766 Total sales down 9% 699 Lower volume New Unit sales down 12% 600 323 308 Principally due to lower volume 400 Aftermarket sales down 5% Suspended energy asset 200 443 391 operations in…
First Quarter 2014 Results ( in Millions) 1Q14 1Q13 Change Revenues 699.1 766.4 -9% Cost of Sales 551.7 594.4 -7% - % of Revenues 78.9% 77.6% Selling & Administrative 99.8 94.6 5% Realignment Expense 0.0 1.6 Research & Development…
New Unit Operating Income & Margins ( in Millions) 30 28.6 8.0% 1Q14 operating income decreased vs. prior year 6.5% principally due to lower 20 6.0% volume 15.7 1Q14 margin decreased 4.0% due to reduced operating 10 4.0%…
Aftermarket Operating Income & Margins ( in Millions) 80 22% 1Q14 operating income 66.4 decreased vs. 1Q13 61.0 60 20.5% 20% principally due to impact of 49.8 the draft Spanish regulation 40 18% 18.3% Before the impact of the…
Operating Cash Flow ( in Millions) Three Months Ended 3/31/14 3/31/13 Net Income 17 34 D&A 24 24 Stock-based Compensation 7 11 Amort. of Debt Financing Costs 1 1 Pension Contributions (6) (6) Working Capital (A) 33 (84) Other…
Net Working Capital ( in Millions) 3/31/14 12/31/13 Accts. Receivable, Net 627 727 Inventories, Gross 1,161 1,179 Less Progress Payments (417) (463) Inventories, Net 744 716 Prepaid Expenses 76 69 Accounts Payable & Accruals (673)…
Cash Flow ( in Millions) Three Months Ended 3/31/14 12/31/13 3/31/13 Net Cash Provided by Oper. Activities 59 96 (43) Investing Activities (14) (22) (31) Financing Activities (61) (56) 109 Effect of Exchange Rates 5 (2) (1) Net…
Liquidity ( in Millions) 732 Liquidity more than adequate 750 179 to meet operating needs Outstanding under 1,169 500 553 revolver: 331 Borrowings 532 157 250 Letters of Credit 84 174 Additional Letters of Credit and 0 Bank…
Net Debt to Capital at End of Period ( in Millions) 65% Total debt 1,231 51% Sr. Sub. Notes - 375 45% 46% 42% 42% 37% 41% Sr. Secured Credit 32% facility - 824 23% 20% Other - 27 14% 9% 11% Net debt 1,043 -5% -3% Net…
2014 Outlook ( and Shares in Millions) Bookings Up 5% to 10% Revenue 2,900 to 3,100 Operating Income 377 to 396 New Unit Operating Margins 8% to 10% Aftermarket Operating Margins 23% to 25% Unallocated Expenses 115 Interest…
Second Quarter 2014 Outlook Continued seasonality in 1st Half OI as a % of Full Year business 50% 46% 48% Over the 2005 to 2013 period: 40% 39% 37% 40% 35% 33% 1st half OI ranged between 22% 30% 26% 1st Half 2014 and 48% of…
Appendix Copyright 2009
NWC Reconciliation to GAAP ( in Millions) 3/31/2014 12/31/2013 Current Assets 1,657.0 1,735.9 Less: Current Liabilities (945.4) (969.8) GAAP Net Working Capital (NWC) 711.6 766.1 Adjustments: Cash and Cash Equivalents (187.9)…
GAAP Reconciliation - Net Debt to Capital ( in Millions) December 31, March 31, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total Debt 598.2 505.6 370.3 370.1 370.0 370.0 1,029.7 1,050.8 1,287.0 1,230.7 Less Cash (98.0) (146.8)…
GAAP Reconciliation - Net Debt to LTM EBITDA ( in Millions) March December 31, 31, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Income 37.1 78.8 106.7 197.7 210.8 146.7 120.8 179.0 168.4 152.1 Income Taxes 15.5 58.5 60.9…
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