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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cameron International Corp. | NYSE:CAM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.01 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Cameron International Corp.'s (CAM) fourth-quarter earnings fell 39% as charges from the Deepwater Horizon disaster and lower margins offset better-than-expected revenue.
The maker of pressure-control equipment for the energy sector also forecast current-quarter earnings of 50 cents to 55 cents a share and full-year earnings of $3.20 to $3.30 a share. Analysts surveyed by Thomson Reuters expect per-share earnings of 75 cents and $3.52, respectively.
Cameron has seen rising revenue for two years now, after weak demand for oil and natural-gas drilling in the recession hurt its top line.
Cameron reported a profit of $99.9 million, or 40 cents a share, down from $164.6 million, or 66 cents, a year earlier. Excluding items such as integration and Deepwater Horizon disaster-related costs, earnings rose to 77 cents from 69 cents. Revenue jumped 12% to $2.03 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 76 cents on revenue of $1.9 billion.
Operating margin fell to 6.2% from 11.9%.
Drilling and production revenue--the biggest segment by sales--was up 8.7%, while valves and measurement revenue jumped 37%. Revenue from the process and compression systems segment slipped 0.4%.
Orders rose 12% to $1.91 billion from $1.71 billion a year earlier. Backlog at the quarter's end was $5.79 billion, up from $4.82 billion the year before.
Shares were trading 3.9% lower at $52.05 in recent premarket action. The stock has risen 10% so far this year though Wednesday's close.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
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