Petrochemical processing equipment maker Dresser-Rand (NYSE: DRC) reported third-quarter results today before the markets opened, showing that it posted total revenues of $633.9 million, a near 7% increase from the same period in the previous year, but well short of the $829.69 million Capital IQ consensus estimate.
While attributable net income came in at $49.4 million, or $0.64 per share, some 20% higher than the $41.2 million, or $0.54 per share, in the same period in 2012, it was a penny-per-share worse than the CapIQ estimates of $0.55 per share.
Dresser-Rand says that despite higher volumes, results were affected as clients delayed placing some major unit orders, which in turn caused its bookings to fall well short of expectations. New unit bookings of approximately $265 million came in below management's expectations of $350 million to $400 million.
Even so, the processing equipment maker is maintaining its new unit bookings of $1.5 billion to $1.7 billion and aftermarket bookings of $1.6 billion to $1.8 billion for the year, and it expects full-year operating income for 2013 will be in the range of $400 million to $440 million that it says is in-line with consensus estimates by analysts.