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Q1 2011 RESULTS – Dresser Rand Group Inc

Dresser Rand Group Inc · Apr 29, 2011 · 24 slides

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Slides

  1. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 1
    Dresser-Rand Group Inc. (NYSE: DRC) First Quarter 2011 Conference Call April 29, 2011 Copyright 2009
  2. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 2
    First Quarter 2011 Highlights 1Q11 financial results and bookings in-line with guidance Guidance Actual Operating Income 10 to 24 19.2* Unit Bookings 250 to 300 260 Aftermarket Bookings 250 263 * Includes 3 million due to unrest in…
  3. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 3
    Q1 Highlights - Strategic Initiatives Pursuing Guascor acquisition (subject to regulatory approvals) Investment in Echogen Power Systems Debt refinancing New credit agreement Share repurchase programs Copyright 2011 4
  4. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 4
    First Quarter Bookings by Segment ( in Millions) 565 Aftermarket bookings 600 523 slightly above guidance of 264 263 250 and level with the 400 corresponding period in 2010 301 New Unit bookings were in- 200 260 line with…
  5. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 5
    Diamond Green Diesel (Valero JV) Award Supply critical rotating equipment for innovative process that will produce renewable diesel fuel First full-scale application of its kind in the US Converts recycled animal fats, recycled…
  6. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 6
    LTM Bookings by Segment ( in Millions) 2,400 LTM bookings through 3/31/11: 2,194 17% higher than 12-months 1,871 1,025 ended 3/31/10 952 1,600 New unit bookings up 27% Aftermarket bookings up 8% 1,169 By Market (as a % of total…
  7. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 7
    Backlog by Segment ( in Millions) 2,152 2,200 Backlog of 2.2 billion 404 1,748 1,760 23% higher than 1Q10 380 1,748 1,320 New unit backlog up 28% vs. 1,368 880 last year 440 Aftermarket backlog up 6% vs. last year 0 1Q10…
  8. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 8
    Revenues by Segment ( in Millions) 525 502 Total down 29% vs. 1Q10 217 420 New Unit down 49% 354 315 Aftermarket down 4% 209 285 Operating leverage headwind 210 105 145 0 1Q10 1Q11 New Units Aftermarket Copyright 2011 9
  9. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 9
    First Quarter 2011 Results ( in Millions) 1Q11 1Q10 Change Revenues 354.2 502.1 -29% Cost of Sales 253.6 360.0 -30% - % of Revenues 71.6% 71.7% Selling & Administrative 77.0 71.4 8% Research & Development 4.4 6.3 -30% Operating…
  10. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 10
    New Unit Operating Income & Margins ( in Millions) 45 20.0% 40.3 Lower volume 14.1% adversely impacted 15.0% 30 operating leverage 9.3% 10.0% 15 13.5 5.0% 0 0.0% 1Q10 1Q11 Copyright 2011 Operating Income Operating…
  11. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 11
    Aftermarket Operating Income & Margins ( in Millions) 50 25% 45.9 Lower volume adversely impacted operating 40 21.2% 20% leverage 28.9 30 15% Higher absorption of fixed 13.8% costs 20 10% 10 5% 0 0% 1Q10 1Q11…
  12. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 12
    1Q Operating Cash Flow ( in Millions) 1Q11 1Q10 Net Income Attributable to Dresser-Rand 0.4 22.3 D&A 13.8 13.2 Working Capital 21.1 (14.6) Pension Contributions (22.2) (4.7) Other (17.6) 7.8 Operating Activities, net (4.5)…
  13. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 13
    Net Working Capital ( in Millions) 3/31/11 12/31/10 Accts. Receivable, Net 279 304 Inventories, Gross 608 501 Less Progress Payments (299) (209) Inventories, Net 310 292 Prepaid Expenses 67 36 Accounts Payable & Accruals (371)…
  14. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 14
    1Q Cash Flow ( in Millions) 1Q11 1Q10 Net Cash (Used In) Provided by Operating Activities (4.5) 24.0 Investing Activities (11.4) (63.2) Financing Activities (119.0) 0.6 Effect of Exchange Rate 9.0 (5.7) Net Change in Cash (125.9)…
  15. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 15
    Liquidity ( in Millions) 715 600 Revolver matures 2016 725 295 580 536 Outstanding Letters of Credit: 179 435 Revolver - 180 420 290 357 Uncommitted Lines - 126 145 0 '3/31/10 '3/31/11 Revolver Cash Copyright 2011…
  16. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 16
    Capital Structure at End of Period ( in Millions) Net Debt to Capital 25% Total debt 614 23% 20% 15% Tendered for 7 3/8% Notes 79 10% 11% outstanding at 3/31/11 5% 0% -3% Issued 6.5% Notes - 375 -5% '12/09 '12/10 '3/11…
  17. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 17
    2011 Financial Summary ( and Shares in Millions) New Units Revenue Up 10% Aftermarket Revenue Up 10% Operating Income 260 to 300 - New Unit Operating Margins Low Double Digits - Aftermarket Operating Margins 22% to 24% -…
  18. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 18
    Appendix Copyright 2009
  19. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 19
    EPS Adjusted for Unusual Items 1Q11 1Q10 GAAP EPS 0.00 0.27 Adjustments to (from) Net Income - Venezuela Bolivar Devaluation 0.00 0.17 - Accelerated Financing Fees 0.06 0.00 - Tender Premium 0.07 0.00 Adjusted Non-GAAP EPS 0.13…
  20. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 20
    Net Income Adjusted for Unusual Items ( in Millions) 1Q11 1Q10 Net Income Attributable to Dresser-Rand 0.4 22.3 Venezuela Bolivar Devaluation 0.0 13.6 Accelerated Financing Fees 4.8 0.0 Tender Premium 5.5 0.0 Adjusted Non-GAAP Net…
  21. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 21
    EBITDA Reconciliation to GAAP ( in Millions) 1Q11 1Q10 Net Income 0.4 22.3 Interest Expense - net 15.0 8.2 Depreciation & Amortization 13.8 13.2 Income Tax Expense 1.2 17.7 EBITDA 30.4 61.4 Copyright 2011 22
  22. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 22
    NWC Reconciliation to GAAP ( in Millions) 3/31/2011 12/31/2010 Current Assets 981.6 1,084.2 Less: Current Liabilities (774.2) (669.1) GAAP Net Working Capital (NWC) 207.4 415.1 Adjustments: Cash and Cash Equivalents (294.9)…
  23. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 23
    Net Debt Reconciliation to GAAP ( in Millions) At 3/31 2011 2010 Total Debt 613.7 370.0 Less Cash (294.9) (178.9) Net Debt 318.8 191.1 The Companys management views net debt, a non-GAAP financial measure, to be a useful…
  24. Q1 2011 RESULTS – Dresser Rand Group Inc – slide 24
    www.dresser-rand.com infodresser-rand.com Copyright 2009

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