Dresser-Rand Group Inc. (NYSE: DRC) Second Quarter 2014 Conference Call August 5, 2014 Copyright 2014
Second Quarter 2014 Highlights ( in Millions) Operating Income 66 (60 to 70 Guidance) Generated positive operating cash flow of 95 in 1H14 Bookings New units 343 improved upstream activity Aftermarket 348 underlying activity…
2Q14 New Unit Bookings Two FPSO offshore West Africa Platforms in the GoM and offshore Malaysia Refrigeration compressors for a facility in Texas Upstream vapor recovery service in Canada Downstream applications in China Midstream…
LTM Bookings by Segment ( in Millions) LTM bookings through 6/30/14: 3,400 3,135 14% lower than 12-months 1,592 2,690 ended 6/30/13 2,550 1,473 New units down 7% Aftermarket down 21% 1,700 1,543 By Market (as a % of total 1,217…
Backlog by Segment ( in Millions) 3,000 2,945 Backlog of 2.8 billion 2,782 691 726 5.5% lower than 6/30/13 2,000 2,254 2,056 New unit backlog down 8.8% vs. last year 1,000 Aftermarket backlog up 5% vs. last year 0 2Q13…
Revenues by Segment ( in Millions) 825 805 Total down 22% vs. 2Q13 385 New Units down 28% due 660 628 principally to previous delays 326 495 in major upstream projects 420 Aftermarket down 15% 330 302 principally due to: 165…
Second Quarter 2014 Results ( in Millions) 2Q14 2Q13 Change Revenues 628.4 805.3 -22% Cost of Sales 449.9 607.1 -26% - % of Revenues 71.6% 75.4% Selling & Administrative 105.1 98.4 7% Research & Development 7.1 12.6 -44% Operating…
New Unit Operating Income & Margins ( in Millions) 30 15.0% Operating margin 27.1 25.8 increased due to: better mix of 20 9.0% 10.0% projects shift in fixed cost 6.1% allocations to the 10 5.0% aftermarket segment…
Aftermarket Operating Income & Margins ( in Millions) 100 92.8 30.0% Operating margin decreased due to: 80 shift in cost 70.5 24.1% 25.0% allocations from the 60 new unit segment 21.6% partially offset by a 40 20.0% more…
1H Operating Cash Flow ( in Millions) 1H14 1H13 Net Income 45.4 88.8 D&A 47.6 45.9 Working Capital 6.0 (182.5) Pension Contributions (9.0) (10.1) Other 4.6 23.5 Net Cash Used in Operating Activities 94.6 (34.4) Change in…
Net Working Capital ( in Millions) 6/30/14 12/31/13 Accts. Receivable, Net 564 727 Inventories, Gross 1,198 1,179 Less Progress Payments (456) (463) Inventories, Net 742 716 Prepaid Expenses 70 69 Accounts Payable & Accruals (592)…
1H Cash Flow ( in Millions) 1H14 1H13 Net Cash Provided By (Used In) Op. Activities 94.6 (34.4) Investing Activities (52.7) (44.3) Financing Activities (97.9) 128.9 Effect of Exchange Rate 4.3 (10.7) Net Change in Cash (51.7)…
Liquidity ( in Millions) 725 725 1,168 Revolver matures 139 2018 (includes amendment 580 586 for EURO facility 68 US) 435 388 508 borrowed under 162 290 Revolver 236 Outstanding Letters of Credit: 145 Revolver - 74 0…
Net Debt to Capital at End of Period ( in Millions) 50% 45% 46% Total debt 1,188 42% 42% 39% 41% Sr. Sub. Notes - 375 32% 28% Sr. Secured Credit facility - 793 17% 20% 14% Other - 20 11% 6% Net debt 1,043 -3% -5% 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…
Third & Fourth Quarter 2014 Outlook ( in Millions) Over the 2005 to 2013: 1st 9 Months OI as a % of Full Year 1st 9 months OI ranged 80% 76% 73% between 50% and 76% of 57% 59% 62% 61% 59% 61% 60% 52% 50% full year Expect 1st 9…
Appendix Copyright 2014
NWC Reconciliation to GAAP ( in Millions) 6/30/2014 12/31/2013 Current Assets 1,543.8 1,735.9 Less: Current Liabilities (833.7) (969.8) GAAP Net Working Capital (NWC) 710.1 766.1 Adjustments: Cash and Cash Equivalents (145.3)…
GAAP Reconciliation - Net Debt to Capital ( in Millions) December 31, June 30, 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 1,188.2 Less Cash (98.0) (146.8)…
GAAP Reconciliation - Net Debt to LTM EBITDA ( in Millions) December 31, June 30, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Income 37.1 78.8 106.7 197.7 210.8 146.7 120.8 179.0 168.4 127.9 Income Taxes 15.5 58.5 60.9…
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