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Dresser-Rand Group Inc.
SIC 3510 · Engines & Turbines
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Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
beta
Latest Financials
Filings:
Category
Date
Search Filings
Institutional Holders
beta
Earnings Transcripts
beta
Global Search
SEC Edgar
Dresser-Rand Group Inc.
SIC 3510 · Engines & Turbines
Support
about
terms
Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
beta
Latest Financials
Filings:
Category
Date
Search Filings
Institutional Holders
beta
Earnings Transcripts
beta
Global Search
SEC Edgar
Dresser-Rand Group Inc.
SIC 3510 · Engines & Turbines
Support
about
terms
Dresser-Rand Group Inc.
CIK:
0001316656
|
SEC Filings
Income Statement
Cash Flow
Balance Sheet
v2.4.1.9
Consolidated Statement Of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Consolidated Statement Of Income [Abstract]
Net sales of products
$ 372.9
us-gaap_SalesRevenueGoodsNet
$ 541.8
us-gaap_SalesRevenueGoodsNet
Net sales of services
144.0
us-gaap_SalesRevenueServicesNet
157.3
us-gaap_SalesRevenueServicesNet
Total revenues
516.9
us-gaap_SalesRevenueNet
699.1
us-gaap_SalesRevenueNet
Cost of products sold, including $9.8 of inventory charges (Note 3)
294.8
us-gaap_CostOfGoodsSold
429.7
us-gaap_CostOfGoodsSold
Cost of services sold
106.1
us-gaap_CostOfServices
122.0
us-gaap_CostOfServices
Total cost of sales
400.9
us-gaap_CostOfGoodsAndServicesSold
551.7
us-gaap_CostOfGoodsAndServicesSold
Gross profit
116.0
us-gaap_GrossProfit
147.4
us-gaap_GrossProfit
Selling and administrative expenses
95.6
us-gaap_SellingGeneralAndAdministrativeExpense
99.8
us-gaap_SellingGeneralAndAdministrativeExpense
Research and development expenses
8.3
us-gaap_ResearchAndDevelopmentExpense
7.4
us-gaap_ResearchAndDevelopmentExpense
Restructuring charges (Note 3)
18.1
us-gaap_RestructuringCharges
Transaction-related expenses (Note 1)
1.6
us-gaap_BusinessCombinationAcquisitionRelatedCosts
(Loss) Income from operations
(7.6)
us-gaap_OperatingIncomeLoss
40.2
us-gaap_OperatingIncomeLoss
Interest expense, net
(12.6)
us-gaap_InterestExpense
(13.0)
us-gaap_InterestExpense
Other (expense) income, net
(9.2)
us-gaap_OtherNonoperatingIncomeExpense
3.3
us-gaap_OtherNonoperatingIncomeExpense
(Loss) income before income taxes
(29.4)
us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
30.5
us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
(Benefit from) provision for income taxes
(5.4)
us-gaap_IncomeTaxExpenseBenefit
13.9
us-gaap_IncomeTaxExpenseBenefit
Net (loss) income
(24.0)
us-gaap_ProfitLoss
16.6
us-gaap_ProfitLoss
Net loss (income) attributable to noncontrolling interest
0.3
us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net (loss) income attributable to Dresser-Rand
$ (23.7)
us-gaap_NetIncomeLoss
$ 16.6
us-gaap_NetIncomeLoss
Net (loss) income attributable to Dresser-Rand per share
Basic
$ (0.31)
us-gaap_EarningsPerShareBasic
$ 0.22
us-gaap_EarningsPerShareBasic
Diluted
$ (0.31)
us-gaap_EarningsPerShareDiluted
$ 0.22
us-gaap_EarningsPerShareDiluted
Weighted-average shares outstanding - (in thousands )
Basic
76,699
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
76,371
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted
76,699
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
76,952
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
v2.4.1.9
Consolidated Statement Of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities
Net (loss) income
$ (24.0)
us-gaap_ProfitLoss
$ 16.6
us-gaap_ProfitLoss
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
22.4
us-gaap_DepreciationDepletionAndAmortization
23.6
us-gaap_DepreciationDepletionAndAmortization
Restructuring charges
18.1
us-gaap_RestructuringCharges
Deferred income taxes
(8.4)
us-gaap_DeferredIncomeTaxExpenseBenefit
(2.0)
us-gaap_DeferredIncomeTaxExpenseBenefit
Stock-based compensation
8.4
us-gaap_ShareBasedCompensation
7.3
us-gaap_ShareBasedCompensation
Excess tax benefits from stock-based compensation
(3.2)
us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
(0.7)
us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Amortization of debt financing costs
0.6
us-gaap_AmortizationOfFinancingCosts
0.5
us-gaap_AmortizationOfFinancingCosts
Provision for losses on inventory
10.1
us-gaap_InventoryWriteDown
1.6
us-gaap_InventoryWriteDown
Loss from equity investments
0.4
us-gaap_GainLossOnSaleOfEquityInvestments
1.2
us-gaap_GainLossOnSaleOfEquityInvestments
Loss on disposal of assets
0.2
us-gaap_GainLossOnDispositionOfAssets1
Changes in working capital and other, net of acquisitions
Accounts receivable, net
29.7
us-gaap_IncreaseDecreaseInAccountsReceivable
104.1
us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories
(4.1)
us-gaap_IncreaseDecreaseInInventories
(31.6)
us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other
(15.6)
us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
(6.1)
us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accruals
(15.6)
us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
(59.3)
us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Customer advances
7.0
us-gaap_IncreaseDecreaseInCustomerAdvances
23.9
us-gaap_IncreaseDecreaseInCustomerAdvances
Taxes payable
(7.2)
us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
4.2
us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Pension and other post-retirement benefits
(1.3)
us-gaap_IncreaseDecreaseInPensionAndPostretirementObligations
(4.9)
us-gaap_IncreaseDecreaseInPensionAndPostretirementObligations
Other
5.4
us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
(19.3)
us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash provided by operating activities
22.9
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
59.1
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities
Capital expenditures
(31.5)
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
(10.8)
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sales of assets
0.1
us-gaap_ProceedsFromSaleOfProductiveAssets
Other loans and investments
(2.1)
us-gaap_PaymentsToAcquireOtherInvestments
(2.5)
us-gaap_PaymentsToAcquireOtherInvestments
Decrease (increase) in restricted cash balances
0.4
us-gaap_IncreaseDecreaseInRestrictedCash
(0.8)
us-gaap_IncreaseDecreaseInRestrictedCash
Net cash used in investing activities
(33.1)
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
(14.1)
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities
Proceeds from exercise of stock options
0.7
us-gaap_ProceedsFromStockOptionsExercised
Proceeds from borrowings
401.8
us-gaap_ProceedsFromIssuanceOfDebt
354.0
us-gaap_ProceedsFromIssuanceOfDebt
Repayments of borrowings
(445.9)
us-gaap_RepaymentsOfDebt
(410.9)
us-gaap_RepaymentsOfDebt
Excess tax benefits from stock-based compensation
3.2
us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0.7
us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Repurchase of common stock
(10.1)
us-gaap_PaymentsForRepurchaseOfCommonStock
(4.9)
us-gaap_PaymentsForRepurchaseOfCommonStock
Net cash used in financing activities
(50.3)
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
(61.1)
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash and cash equivalents
(11.4)
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
4.6
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net decrease in cash and cash equivalents
(71.9)
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
(11.5)
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period
183.4
us-gaap_CashAndCashEquivalentsAtCarryingValue
190.4
us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period
$ 111.5
us-gaap_CashAndCashEquivalentsAtCarryingValue
$ 178.9
us-gaap_CashAndCashEquivalentsAtCarryingValue
v2.4.1.9
Consolidated Balance Sheet (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Current assets
Cash and cash equivalents
$ 111.5
us-gaap_CashAndCashEquivalentsAtCarryingValue
$ 183.4
us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash
2.5
us-gaap_RestrictedCashAndInvestmentsCurrent
3.3
us-gaap_RestrictedCashAndInvestmentsCurrent
Accounts receivable, less allowance for losses of $8.5 at 2015 and $8.7 at 2014
607.5
us-gaap_AccountsReceivableNetCurrent
660.7
us-gaap_AccountsReceivableNetCurrent
Inventories, net
641.8
us-gaap_InventoryNet
669.0
us-gaap_InventoryNet
Prepaid expenses and other
83.8
us-gaap_PrepaidExpenseAndOtherAssetsCurrent
72.5
us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Deferred income taxes
67.9
us-gaap_DeferredTaxAssetsNetCurrent
66.8
us-gaap_DeferredTaxAssetsNetCurrent
Total current assets
1,515.0
us-gaap_AssetsCurrent
1,655.7
us-gaap_AssetsCurrent
Property, plant and equipment, net
442.8
us-gaap_PropertyPlantAndEquipmentNet
450.9
us-gaap_PropertyPlantAndEquipmentNet
Goodwill
763.1
us-gaap_Goodwill
832.9
us-gaap_Goodwill
Intangible assets, net
417.3
us-gaap_FiniteLivedIntangibleAssetsNet
444.4
us-gaap_FiniteLivedIntangibleAssetsNet
Deferred income taxes
4.3
us-gaap_DeferredTaxAssetsNetNoncurrent
5.5
us-gaap_DeferredTaxAssetsNetNoncurrent
Other assets
94.2
us-gaap_OtherAssetsNoncurrent
99.3
us-gaap_OtherAssetsNoncurrent
Total assets
3,236.7
us-gaap_Assets
3,488.7
us-gaap_Assets
Current liabilities
Accounts payable and accruals
608.4
us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
653.8
us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Customer advance payments
185.5
us-gaap_CustomerAdvancesCurrent
183.3
us-gaap_CustomerAdvancesCurrent
Accrued income taxes payable
15.1
us-gaap_AccruedIncomeTaxesCurrent
26.9
us-gaap_AccruedIncomeTaxesCurrent
Short-term borrowings and current portion of long-term debt
25.4
us-gaap_DebtCurrent
30.1
us-gaap_DebtCurrent
Total current liabilities
834.4
us-gaap_LiabilitiesCurrent
894.1
us-gaap_LiabilitiesCurrent
Deferred income taxes
43.0
us-gaap_DeferredTaxLiabilitiesNoncurrent
48.4
us-gaap_DeferredTaxLiabilitiesNoncurrent
Postemployment and other employee benefit liabilities
92.3
us-gaap_OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
97.5
us-gaap_OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
Long-term debt
993.7
us-gaap_LongTermDebtNoncurrent
1,053.6
us-gaap_LongTermDebtNoncurrent
Other noncurrent liabilities
84.2
us-gaap_OtherLiabilitiesNoncurrent
88.9
us-gaap_OtherLiabilitiesNoncurrent
Total liabilities
2,047.6
us-gaap_Liabilities
2,182.5
us-gaap_Liabilities
Commitments and contingencies (Note 14)
Stockholders' equity
Common stock, $0.01 par value, 250,000,000 shares authorized; and 76,926,555 and 76,666,104 shares issued and outstanding at March 31, 2015, and December 31, 2014, respectively
0.8
us-gaap_CommonStockValue
0.8
us-gaap_CommonStockValue
Additional paid-in capital
190.7
us-gaap_AdditionalPaidInCapitalCommonStock
188.5
us-gaap_AdditionalPaidInCapitalCommonStock
Retained earnings
1,352.0
us-gaap_RetainedEarningsAccumulatedDeficit
1,375.7
us-gaap_RetainedEarningsAccumulatedDeficit
Accumulated other comprehensive loss
(358.9)
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
(264.6)
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total Dresser-Rand stockholders' equity
1,184.6
us-gaap_StockholdersEquity
1,300.4
us-gaap_StockholdersEquity
Noncontrolling interest
4.5
us-gaap_MinorityInterest
5.8
us-gaap_MinorityInterest
Total stockholders' equity
1,189.1
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1,306.2
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilities and stockholders' equity
$ 3,236.7
us-gaap_LiabilitiesAndStockholdersEquity
$ 3,488.7
us-gaap_LiabilitiesAndStockholdersEquity