Lufkin Down 8% on Weak Profits and Guidance

Lufkin Industries LUFK is trading lower on the session following its Q1 earnings announcement and 2012 guidance. The company reported an EPS of $0.56 vs $0.59 estimates and revenues $279.5 million vs $276.13 million estimates. Lufkin Industries guided 2012 EPS $3.75-4.05 vs $4.04 estimates. John F. "Jay" Glick, president and chief executive officer of Lufkin said: "Robust market conditions, supply chain improvements and increased efficiencies at our U.S. manufacturing facilities, combined with contributions from our recently acquired businesses all added to a strong start to 2012." Lufkin is currently trading at $66.38, a loss of $5.92 or 8.19%.