Lufkin Industries, Inc. today provided an update regarding the effects of Hurricane Ike on its manufacturing operations.
All facilities were secured and shut down Friday afternoon ahead of the hurricane's reaching the Texas Gulf Coast early Saturday morning. The hurricane caused a loss of power both in Lufkin, where the Company manufactures power transmission products, oilfield pumping units and oilfield foundry castings, and in Houston, where it manufactures oilfield automation equipment.
As of this morning, the power transmission equipment manufacturing plant, which sustained minor roof damage, was largely operational. The foundry, which also sustained minor roof damage, is currently operating at 50 percent capacity and is expected to be at 100 percent by mid-week.
The oilfield manufacturing facility -- which is located several miles south of Lufkin -- sustained no damage but is still without power. Based on preliminary repair estimates provided by the local power utility, we anticipate this facility will be operational later this week.
The automation manufacturing facility sustained no damage, and power has been restored. The facility is currently operating at 50 percent capacity due to staffing constraints in an area where employees were much harder hit by the storm. We expect this facility to be fully operational by the end of this week.
"We are very grateful that all of our employees are safe and uninjured," said John F. Glick, Lukfin's President and Chief Executive Officer. "Our team is working very hard -- some under extremely trying circumstances -- to get us back on line. Once all our facilities are back in full production, we can better assess the impact of this disruption on our third quarter results. If necessary, we will revise our EPS guidance."
Lufkin Industries, Inc. sells and services oilfield pumping units, foundry castings and power transmission products throughout the world. The Company has vertically integrated all vital technologies required to design, manufacture and market its products.
Forward Looking Statements
This release contains forward-looking statements and information that are based on management's beliefs as well as assumptions made by and information currently available to management. When used in this release, the words "anticipate," "estimate" and "expect" are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to its ability to resume normal operations in a timely fashion and are subject to certain assumptions, risks and uncertainties, many of which are outside the control of the Company. Actual results may vary materially.
Contact: Christopher L. Boone
Chief Financial Officer
936-631-2749
DRG&E:
Jack Lascar / 713-529-6600
Anne Pearson / 210-408-6321
Source: Lufkin Industries, Inc.
All facilities were secured and shut down Friday afternoon ahead of the hurricane's reaching the Texas Gulf Coast early Saturday morning. The hurricane caused a loss of power both in Lufkin, where the Company manufactures power transmission products, oilfield pumping units and oilfield foundry castings, and in Houston, where it manufactures oilfield automation equipment.
As of this morning, the power transmission equipment manufacturing plant, which sustained minor roof damage, was largely operational. The foundry, which also sustained minor roof damage, is currently operating at 50 percent capacity and is expected to be at 100 percent by mid-week.
The oilfield manufacturing facility -- which is located several miles south of Lufkin -- sustained no damage but is still without power. Based on preliminary repair estimates provided by the local power utility, we anticipate this facility will be operational later this week.
The automation manufacturing facility sustained no damage, and power has been restored. The facility is currently operating at 50 percent capacity due to staffing constraints in an area where employees were much harder hit by the storm. We expect this facility to be fully operational by the end of this week.
"We are very grateful that all of our employees are safe and uninjured," said John F. Glick, Lukfin's President and Chief Executive Officer. "Our team is working very hard -- some under extremely trying circumstances -- to get us back on line. Once all our facilities are back in full production, we can better assess the impact of this disruption on our third quarter results. If necessary, we will revise our EPS guidance."
Lufkin Industries, Inc. sells and services oilfield pumping units, foundry castings and power transmission products throughout the world. The Company has vertically integrated all vital technologies required to design, manufacture and market its products.
Forward Looking Statements
This release contains forward-looking statements and information that are based on management's beliefs as well as assumptions made by and information currently available to management. When used in this release, the words "anticipate," "estimate" and "expect" are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to its ability to resume normal operations in a timely fashion and are subject to certain assumptions, risks and uncertainties, many of which are outside the control of the Company. Actual results may vary materially.
Contact: Christopher L. Boone
Chief Financial Officer
936-631-2749
DRG&E:
Jack Lascar / 713-529-6600
Anne Pearson / 210-408-6321
Source: Lufkin Industries, Inc.
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