Dresser-Rand -7.8% after warning on 2013 earnings

Dresser-Rand (DRC -7.8%) shares stink today after the oilfield equipment maker warns its 2013 earnings will come in below expectations due to a restructured tariff regime in Spain that will cause it to suspend operations at six pig manure plants in the country.

The Spanish government published a draft bill which would reduce tariffs by 37% retroactive to July 2013; if the draft regulation is passed, DRC says it would be required to reduce 2013 operating income by ~$25M due to the retroactive tariff reductions and up to $50M due to asset impairments.

DRC says it also was hurt by a failure to sell three photovoltaic power plants and a stalled shipment of equipment for a pipeline project in Central Asia.

From other sites
Comments (1)
  • deercreekvols
    , contributor
    Comments (9744) | Send Message
    When did Dresser-Rand become an "oilfield equipment maker?"
    Field equipment is one of many products Dresser-Rand manufactures.


    18 Feb 2014, 11:57 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs