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Lufkin Says 1Q Profit Dropped, Makes Job Cuts
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LUFK
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LUFKIN, Texas (AP) — Lufkin Industries Inc. on Wednesday reported its profit slid 43 percent in the first quarter due to lower commodity prices. The oilfield services and equipment company also said it has cut jobs and spending.
First-quarter profit fell to $9 million, or 60 cents per share, from $15.6 million, or $1.05 per share, in the year-ago period.
Excluding a provision of 13 cents per share for a class-action lawsuit against the company and a loss of a penny per share from discontinued operations, Lufkin earned 74 cents per share in the latest period. ...
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