Dresser-Rand Group Inc. (NYSE: DRC) Dresser- First Quarter 2010 Conference Call April 30, 2010 Copyright 2009
Outstanding First Quarter 2010 Performance Best quarterly safety performance ever Total Bookings of 565 million + 59% vs. 1Q09 New Unit bookings: 301 million + 175% Aftermarket bookings: 264 million + 7% Sales and Operating…
First Quarter Bookings by Segment ( in Millions) 565 Total bookings + 59% 600 264 New Units + 175% Aftermarket + 7% 400 356 247 301 200 109 0 1Q09 1Q10 New Units Aftermarket Copyright 2010 4
FPSO Market Strength 1Q10 bookings - 4 FPSOs 120 million Secured awards for all FPSO orders let industry-wide last 6 months 4 vessels - Petrobras pre-salt oil fields offshore Brazil 1 vessels - U.K. sector of the North Sea…
Turbo Machines Field Services Acquisition Signed agreement to purchase the assets of TMFS Headquartered near Johannesburg, South Africa Leading South African non-OEM replacement parts supplier for steam turbine and centrifugal…
LTM Bookings by Segment ( in Millions) LTM bookings through 3/31/10: 2,400 2,303 19% lower than 3/31/09 1,200 1,871 13% higher than 12/31/09 1,662 952 1,600 New unit bookings down 17% 935 Aftermarket bookings down 1,103 21%…
Backlog by Segment ( in Millions) 2,087 2,100 Backlog of 1.7 billion 424 1,748 380 16% lower than 1Q09 1,663 1,400 1,368 New unit backlog down 18% vs. last year 700 Aftermarket backlog down 10% vs. last year 0 1Q09 1Q10…
Sales by Segment ( in Millions) 525 509 502 Total sales down 1% vs. 231 217 420 1Q09 Impact of lower volume 315 substantially offset by a 278 285 210 weaker US 105 New Unit sales up 2% 0 Aftermarket sales down 6% 1Q09 1Q10…
First Quarter 2010 Results ( in Millions) 1Q10 1Q09 Change Sales 502.1 508.9 -1% Operating Income 64.4 64.2 0% - Unusual Items 0.0 1.3 Adjusted Operating Income 64.4 65.5 -2% - Adjusted Margin % 12.8% 12.9% Interest Expense - net…
New Unit Operating Income & Margins ( in Millions) 45 20.0% 40.3 Cost and productivity 14.1% improvements 15.0% 30 25.2 9.1% 10.0% 15 5.0% 0 0.0% 1Q09 1Q10 Copyright 2010 Operating Income Operating Margin 11
Aftermarket Operating Income & Margins ( in Millions) 58.9 60 30% Less favorable mix 45.9 25% Lower absorption of fixed 25.6% costs 40 20% 21.2% 15% 20 10% 5% 0 0% 1Q09 1Q10 Copyright 2010 Operating Income…
1Q Operating Cash Flow ( in Millions) 1Q10 1Q09 Net Income 22.3 34.5 D&A 13.2 12.3 Working Capital (14.6) (3.8) Pension Contributions (4.7) (27.8) Other 7.8 8.2 Net Provided By Operating Activities 24.0 23.4 Change in…
Net Working Capital ( in Millions) 3/31/10 12/31/09 Accts. Receivable, Net 260 290 Inventories, Gross 528 618 Less Progress Payments (206) (265) Inventories, Net 322 353 Prepaid Expenses 31 25 Accounts Payable & Accruals (340)…
1Q Cash Flow ( in Millions) 1Q10 1Q09 Net Cash Provided by Operating Activities 24.0 23.4 Investing Activities (63.2) (6.0) Financing Activities 0.6 (0.1) Effect of Exchange Rate (5.7) (4.4) Net Change in Cash (44.3) 12.9…
Capital Structure ( in Millions) Net Debt to Capital Strong balance sheet 20% 20% 14% Net debt to total capital 14% 10% 11% Total debt 370 (7 3/8% 0% Notes) 8 9 0 .0 .0 .1 ec ec ar M D…
Current Market Conditions Recovery underway in the markets for our products and services Expect new unit bookings to be in the range of 1.0 to 1.3 billion for the full year Seeing signs of aftermarket market activity beginning to…
2010 Summary ( and Shares in Millions) New Units Revenue 800 to 1,000 Aftermarket Revenue 1,000 to 1,200 Operating Income 260 to 300 - Unallocated Expenses included in OI above 80 to 85 Interest Expense 30 to 35 Effective…
Establishing an Additional HQ in Paris, France Provides a base of operation for several key executives to pursue the Companys growth objectives Positions our key executives to further pursue strategic client relationships with the…
Appendix Copyright 2009
EPS 1Q10 1Q09 GAAP EPS 0.27 0.42 Adjustments to (from) Net Income - Venezuela Bolivar Devaluation 0.17 0.00 - Plan Settlement 0.00 0.01 Adjusted Non-GAAP EPS 0.44 0.43 Copyright 2010 22
Net Income Excluding Unusual Items ( in Millions) 1Q10 1Q09 Net Income 22.3 34.5 Venezuela Bolivar Devaluation 13.6 0.0 Plan Settlement 0.0 0.8 Net Income Excluding Unusual Items 35.9 35.3 Copyright 2010 23
Adjusted EBITDA Reconciliation to GAAP ( in Millions) 1Q10 1Q09 Net Income 22.3 34.5 Interest Expense - net 8.2 7.0 Depreciation & Amortization 13.2 12.3 Income Tax Expense 17.7 18.4 EBITDA 61.4 72.2 Adjustments: Plan Settlement…
Net Debt Reconciliation to GAAP ( in Millions) At 3/31 2010 2009 Total Debt 370.0 370.2 Less Cash (178.9) (160.0) Net Debt 191.1 210.2 Copyright 2010 25
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