Dresser-Rand Group Inc. (NYSE: DRC) Third Quarter 2013 Conference Call November 1, 2013 Copyright 20012
Highlights 3Q13 Results New unit bookings below expectation due to the delay of certain major new unit orders 70 million of orders that slipped from September and were booked in October Reiterating guidance of 1.5 to 1.7 billion…
Aftermarket Bookings ( in Millions) 425 406 394 Another solid bookings 340 quarter Good activity across most 255 geographic sectors Service contracts 170 excellent progress Sept. 2013 YTD = 1,241 85 0 3Q12 3Q13…
New Unit Bookings ( in Millions) Major 3Q13 awards: 479 500 Principally Upstream (Ghana, Iraq, Brazil & US) 265 Downstream (China, Ecuador & 375 Brazil) Booked 70 in October that 250 slipped from September forecast Officially…
Small-Scale LNG Product marketed as LNGo Endurance test to commence in November Rapid product launch Over 90 sales leads . . . potential end users as well as rental fleet operators Significant bookings expected in 2014…
DRC Recognized for Safety Selected by EHS Today magazine as one of Americas safest companies Winner of the 2013 Southwest Oil & Gas Award for health and safety Demonstrates transformational EHS leadership Safety is a critical, core…
LTM Bookings by Segment ( in Millions) 3,000 2,933 LTM bookings through 9/30/13: 3,000 1,507 1,603 2% lower than 12-months ended 9/30/12 2,000 New unit bookings down 11% Aftermarket bookings up 6% 1,493 By Market (as a % of total…
Backlog by Segment ( in Millions) 3,111 3,200 2,987 Backlog of 3.0 billion 4% 661 762 lower than 9/30/12 2,560 2,450 New unit backlog down 9% vs. 2,225 1,920 last year 1,280 920 scheduled to ship in 2014 640 Aftermarket…
Revenues by Segment ( in Millions) 700 634 595 361 Total up 7% vs. 3Q12 525 347 New Unit up 10% Aftermarket up 4% 350 248 273 175 0 3Q12 3Q13 New Units Aftermarket Copyright 2012 10
Third Quarter 2013 Results ( in Millions) 3Q13 3Q12 Change Revenues 633.8 594.4 7% Cost of Sales 451.1 423.8 6% - % of Revenues 71.2% 71.3% Selling & Administrative 93.1 90.2 3% Restructuring Expense (0.1) 0.0 Research &…
New Unit Operating Income & Margins ( in Millions) 35 33.5 15.0% Operating margin increased principally due 28 12.3% to a change in mix 21.1 21 10.0% Estimate full year 2013 14 8.5% margins to be 8% to 10% 7 0 5.0% 3Q12…
Aftermarket Operating Income & Margins ( in Millions) 85 30.0% 76.1 75.0 Operating margin decreased principally 68 21.9% 20.8% due to a higher allocation 20.0% of overhead cost 51 Maintaining full year 34 10.0% guidance -…
Operating Cash Flow ( in Millions) 9 Mos. 13 9 Mos. 12 Net Income 138.8 101.4 D&A 67.1 64.2 Stock-based Compensation 22.8 26.7 Working Capital (352.9) (147.3) Pension Contributions (9.1) (5.6) Other (29.1) 9.9 Net Cash…
Net Working Capital ( in Millions) 9/30/13 12/31/12 Accts. Receivable, Net 707 566 Inventories, Gross 1,128 970 Less Progress Payments (417) (418) Inventories, Net 711 553 Prepaid Expenses 79 67 Accounts Payable & Accruals (673)…
Net Working Capital Components Copyright 2012 17
Net Working Capital Highlights 90 million of last quarters past due receivables collected in October 2013 Solar park sale expected to close in 4Q13 Approximately of net working capital related to percentage of completion accounting…
Cash Flow ( in Millions) 9 Mos. 13 9 Mos. 12 Net Cash Used In Operating Activities (162.4) 49.3 Investing Activities (61.6) (104.9) Financing Activities 288.4 77.5 Effect of Exchange Rate (12.8) 0.8 Net Change in Cash 51.6…
Liquidity ( in Millions) 633 Amended / Extended Senior 650 174 Secured Credit Facility Increased size from 1.06 billion 520 to 1.46 billion 388 459 Extended maturity from 3/15/16 390 123 to 9/30/18 400 million increase…
Capital Structure at End of Period ( in Millions) Net Debt to Capital 65% Total debt 1,339 56% 51% 45% 46% 45% Sr. Sub. Notes - 375 42% 37% 32% Sr. Secured Credit 23% 14% 20% facility - 908 9% 11% -5% -3% Other - 56…
4Q13 Risks & Opportunities Record forecast sales of 1.2 billion Record operating income of 166 to 206 million High new units shipments forecast from backlog Risk Aftermarket Parts and Services forecast book & ship percentage below…
2013 Outlook ( and Shares in Millions, except Bookings are in Billions) Guidance for bookings remains unchanged New units 1.5 to 1.7 Aftermarket 1.6 to 1.8 2014 higher than 2013 for each segment Operating income expected to be in the…
Appendix Copyright 20012
NWC Reconciliation to GAAP ( in Millions) 12/31/2012 9/30/2013 Current Assets 1,356.0 1,713.8 Less: Current Liabilities (963.0) (921.3) GAAP Net Working Capital (NWC) 393.0 792.5 Adjustments: Cash and Cash Equivalents (140.4)…
GAAP Reconciliation - Net Debt to Capital ( in Millions) December 31, 30-Sep 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Debt 598.2 505.6 370.3 370.1 370.0 370.0 1,027.1 1,050.8 1,339.5 Less Cash (98.0) (146.8) (206.2)…
GAAP Reconciliation - Net Debt to EBITDA ( in Millions) Twelve Months Ended 2005 2006 2007 2008 2009 2010 2011 2012 3Q13 Net Income 37.1 78.8 106.7 197.7 210.8 146.7 120.3 179.0 215.8 Income Taxes 15.5 58.5 60.9 103.6 101.1 69.0…
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