Dresser-Rand Q4 Profit Rises; To Cut Jobs

(RTTNews) - Oilfield equipment maker Dresser-Rand Group Inc. (DRC) reported net income for the fourth quarter of $46.2 million or $0.60 per share, compared to $32.8 million or $0.43 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $116.9 million or $1.52 per share.

Analysts polled by Thomson Reuters expected the company to earn $1.30 per share for the fourth quarter. Analysts' estimates typically exclude special items.

The company also said it plans to reduce its workforce by about 8%, which covers its world-wide operations. The restructuring will commence within the next several weeks' time, the company said.

In September, Dresser-Rand agreed to be bought by German conglomerate Siemens AG (SIEGY) for $83.00 per share in an all-cash deal valued at about $7.6 billion, including assumed debt. The deal is expected to close in the summer of 2015.