Lufkin Says 1Q Profit Dropped, Makes Job Cuts

The company said it eliminated about 10 percent of its jobs, placed some workers on short weeks, and cut down on spending to cope with challenging economic conditions. It is also looking to end some supply chain contracts it signed late last year.

At the end of 2008, Lufkin employed about 3,000 people.

"We expect the market to be challenging over the next several quarters, although we are hopeful that we will begin to see some signs of stabilization and recovery in demand in the second half of 2009," Glick said in a statement.