Dresser-Rand Net Income Soars in Second Quarter

The second quarter of 2008 was good to Dresser-Rand Group, the Houston-based manufacturer of rotating equipment for the oil, gas and other processing industries. Net income in the quarter was $46.7 million, or 55 cents per diluted share, a 78.2% increase compared with net income of $26.2 million in the second quarter of 2007. Total revenue for the quarter also grew. The $541.2 million recorded in the second quarter of 2008 is a 22.7% increase compared with $441.2 million recorded in the same period a year ago. Operating income for the quarter was $75.5 million, compared with $50.1 million in the second quarter of 2007. Looking ahead, the company said it continues to predict 2008 operating income in the range of $285 million to $315 million, but said the bias is toward the upper half of that range. As of June 30, 43.8% of its $2.09 billion backlog was slated to ship in 2009 or beyond, according to Dresser-Rand.