Lufkin Industries Inc. has announced results for the third quarter and nine months ended Sept. 30.
Net earnings per share (diluted) of $0.56 for the third quarter slightly exceeded the company's guidance of $0.25 to $0.55, compared with $1.01 for the third quarter last year. Net income for the third quarter was $3.8 million compared with $6.6 million for the third quarter of 2001.
Net sales for the third quarter were $60.8 million compared with $75.6 million for the third quarter last year.
Lufkin sells and services highway trailers, oil field pumping units, power transmission products and foundry castings throughout the world.
For the nine months ended Sept. 30, 2002, net income was $7.4 million, or $1.10 per share (diluted), compared with net income of $14.9 million, or $2.33 per share (diluted), for the nine months ended Sept. 30, 2001. Net sales were $172.7 million for the first nine months of 2002 compared with net sales of $212.3 million in the same period a year ago.
Douglas V. Smith, president and chief executive officer, commented, "We were pleased to report these results for the third quarter, especially in the face of the continued uncertainty in the global oil markets."
Smith said the company benefited during the third quarter from ongoing strength in its power transmission bookings, while the trailer division produced its third consecutive increase in comparable quarter revenues.