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Lufkin Gets Boost From Oil Field Sales

October 17, 2001

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Sales to the oil field segment boosted Lufkin Industries’ profits 190% in third quarter, but trailer sales continued to show the effects of industry-wide weakness.

The company’s overall net income was $6.6 million compared to $2.3 million for the third quarter 2000. Net sales for the quarter were $75.6 million versus $65.7 million a year ago.
Trailer sales for the quarter were $9.2 million, down from $17.7 million in third quarter 2000. Its trailer backlog dropped to $4.8 million from $6.9 million at the end of the second quarter.
Oil field net sales increased 74% for the third quarter to $45.1 million compared with $25.9 million in the third quarter last year. Sales of power transmission products increased 8% to $17 million compared with $15.8 million in the third quarter last year.
Foundry sales also declined to $4.4 million from $6.3 million in the third quarter a year ago.
"The outlook of the company is less certain today due to the contraction in the oil and gas markets, the continued soft trailer markets, and the impact on industrial markets from the weaker economy and the Sept. 11 events,” said Douglas Smith, president and CEO. Earnings are expected to decrease in the fourth quarter.

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