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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 |
Date of Report (Date of earliest event reported):
|
July 23, 2015
|
Delaware
___________________
(State or other
jurisdiction of
incorporation)
|
1-13884
_________________
(Commission
File Number)
|
76-0451843
___________________
(I.R.S. Employer
Identification No.)
|
1333 West Loop South, Suite 1700,
Houston, Texas
________________________________________
|
77027
_______________
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(713) 513-3300
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit
Number
|
Exhibit Title or Description
|
|
Exhibit 99.1
|
Press Release of Cameron International Corporation, dated July 23, 2015 – Cameron Second Quarter Earnings.
|
CAMERON INTERNATIONAL CORPORATION
|
|
By: /s/ Charles M. Sledge
|
|
Charles M. Sledge
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit
Number
|
Exhibit Title or Description
|
|
Press Release of Cameron International Corporation, dated July 23, 2015 – Cameron Second Quarter Earnings.
|
· | $0.83 fully diluted earnings per share excluding discontinued operations and other costs |
· | Results aided by strong execution and cost reduction |
· |
15% sequential-quarter increase in orders
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$
|
2,222
|
$
|
2,570
|
$
|
4,495
|
$
|
4,899
|
||||||||
Costs and Expenses:
|
||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
1,585
|
1,850
|
3,193
|
3,540
|
||||||||||||
Selling and administrative expenses
|
279
|
333
|
565
|
651
|
||||||||||||
Depreciation and amortization
|
89
|
88
|
178
|
173
|
||||||||||||
Interest, net
|
33
|
30
|
71
|
62
|
||||||||||||
Other costs (gains), net
|
37
|
(6
|
)
|
614
|
43
|
|
||||||||||
Total costs and expenses
|
2,023
|
2,295
|
4,621
|
4,469
|
||||||||||||
Income (loss) from continuing operations before income taxes
|
199
|
275
|
(126
|
)
|
430
|
|||||||||||
Income tax provision
|
(47
|
)
|
(65
|
)
|
(100
|
)
|
(110
|
)
|
||||||||
Income (loss) from continuing operations
|
152
|
210
|
(226
|
)
|
320
|
|||||||||||
Income from discontinued operations, net of income taxes
|
3
|
23
|
432
|
28
|
||||||||||||
Net income
|
155
|
233
|
206
|
348
|
||||||||||||
Less: Net income attributable to noncontrolling interests
|
15
|
12
|
17
|
16
|
||||||||||||
Net income attributable to Cameron stockholders
|
$
|
140
|
$
|
221
|
$
|
189
|
$
|
332
|
||||||||
Amounts attributable to Cameron stockholders:
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
137
|
$
|
198
|
$
|
(243
|
)
|
$
|
304
|
|||||||
Income from discontinued operations
|
3
|
23
|
432
|
28
|
||||||||||||
Net income attributable to Cameron stockholders
|
$
|
140
|
$
|
221
|
$
|
189
|
$
|
332
|
||||||||
Earnings (loss) per common share attributable to Cameron stockholders:
|
||||||||||||||||
Basic -
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.46
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Basic earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.59
|
||||||||
Diluted -
|
||||||||||||||||
Continuing operations
|
$
|
0.71
|
$
|
0.97
|
$
|
(1.27
|
)
|
$
|
1.44
|
|||||||
Discontinued operations
|
0.02
|
0.11
|
2.25
|
0.13
|
||||||||||||
Diluted earnings per share
|
$
|
0.73
|
$
|
1.08
|
$
|
0.98
|
$
|
1.57
|
||||||||
Shares used in computing earnings per common share:
|
||||||||||||||||
Basic
|
191
|
204
|
192
|
209
|
||||||||||||
Diluted
|
192
|
205
|
192
|
211
|
June 30,
2015
|
December 31,
2014
|
|||||||
(unaudited)
|
||||||||
Assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,295
|
$
|
1,513
|
||||
Short-term investments
|
436
|
113
|
||||||
Receivables, net
|
2,096
|
2,389
|
||||||
Inventories, net
|
2,938
|
2,929
|
||||||
Other current assets
|
390
|
391
|
||||||
Assets of discontinued operations
|
–
|
217
|
||||||
Total current assets
|
7,155
|
7,552
|
||||||
Plant and equipment, net
|
1,814
|
1,964
|
||||||
Goodwill
|
1,880
|
2,461
|
||||||
Intangibles, net
|
683
|
728
|
||||||
Other assets
|
200
|
187
|
||||||
Total Assets
|
$
|
11,732
|
$
|
12,892
|
||||
Liabilities and Stockholders’ Equity:
|
||||||||
Short-term debt
|
$
|
31
|
$
|
263
|
||||
Accounts payable and accrued liabilities
|
2,933
|
3,748
|
||||||
Accrued income taxes
|
298
|
168
|
||||||
Liabilities of discontinued operations
|
–
|
90
|
||||||
Total current liabilities
|
3,262
|
4,269
|
||||||
Long-term debt
|
2,813
|
2,819
|
||||||
Deferred income taxes
|
180
|
193
|
||||||
Other long-term liabilities
|
167
|
167
|
||||||
Total liabilities
|
6,422
|
7,448
|
||||||
Stockholders’ Equity:
|
||||||||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at June 30, 2015 and December 31, 2014
|
3
|
3
|
||||||
Capital in excess of par value
|
3,242
|
3,255
|
||||||
Retained earnings
|
5,820
|
5,631
|
||||||
Accumulated other elements of comprehensive income (loss)
|
(693
|
)
|
(540
|
)
|
||||
Less: Treasury stock, 71,671,246 shares at June 30, 2015 (68,139,027 shares at December 31, 2014)
|
(3,955
|
)
|
(3,794
|
)
|
||||
Total Cameron stockholders’ equity
|
4,417
|
4,555
|
||||||
Noncontrolling interests
|
893
|
889
|
||||||
Total equity
|
5,310
|
5,444
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
11,732
|
$
|
12,892
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
$
|
155
|
$
|
233
|
$
|
206
|
$
|
348
|
||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
||||||||||||||||
Asset impairment and other charges
|
10
|
4
|
563
|
44
|
||||||||||||
Pre-tax gain on sale of Centrifugal Compression business
|
–
|
(95
|
)
|
(681
|
)
|
(95
|
)
|
|||||||||
Depreciation
|
77
|
71
|
152
|
139
|
||||||||||||
Amortization
|
12
|
19
|
26
|
38
|
||||||||||||
Non-cash stock compensation expense
|
13
|
15
|
23
|
30
|
||||||||||||
Gain from remeasurement of prior interest in equity method investment
|
–
|
(8
|
)
|
–
|
(8
|
)
|
||||||||||
Deferred income taxes and tax benefit of employee stock compensation plan transactions transactions
|
(14
|
)
|
34
|
(15
|
)
|
17
|
||||||||||
Changes in assets and liabilities, net of translation, and non-cash items:
|
||||||||||||||||
Receivables
|
104
|
171
|
252
|
111
|
||||||||||||
Inventories
|
35
|
(53
|
)
|
(70
|
)
|
(228
|
)
|
|||||||||
Accounts payable and accrued liabilities
|
(284
|
)
|
(257
|
)
|
(755
|
)
|
(471
|
)
|
||||||||
Other assets and liabilities, net
|
(80
|
)
|
79
|
134
|
114
|
|||||||||||
Net cash provided by (used for) operating activities
|
28
|
213
|
(165
|
)
|
39
|
|||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Pre-tax net proceeds received from sale of Centrifugal Compression business
|
–
|
547
|
832
|
547
|
||||||||||||
Proceeds from sales and maturities of short-term investments
|
252
|
18
|
400
|
23
|
||||||||||||
Purchases of short-term investments
|
(264
|
)
|
(33
|
)
|
(723
|
)
|
(38
|
)
|
||||||||
Capital expenditures
|
(41
|
)
|
(73
|
)
|
(130
|
)
|
(178
|
)
|
||||||||
Acquisitions
|
–
|
(18
|
)
|
–
|
(18
|
)
|
||||||||||
Proceeds from sales of plant and equipment
|
2
|
4
|
7
|
10
|
||||||||||||
Net cash provided by (used for) investing activities
|
(51
|
)
|
445
|
386
|
346
|
|||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Issuance of senior notes
|
–
|
500
|
–
|
500
|
||||||||||||
Debt issuance costs
|
–
|
(4
|
)
|
–
|
(4
|
)
|
||||||||||
Short-term loan borrowings (repayments), net
|
(11
|
)
|
(321
|
)
|
(212
|
)
|
9
|
|||||||||
Purchase of treasury stock
|
(13
|
)
|
(303
|
)
|
(195
|
)
|
(1,205
|
)
|
||||||||
Contribution to noncontrolling interest owners
|
18
|
–
|
18
|
–
|
||||||||||||
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions
|
3
|
16
|
(5
|
)
|
25
|
|||||||||||
Excess tax benefits from employee stock compensation plan transactions
|
–
|
4
|
1
|
6
|
||||||||||||
Principal payments on capital leases
|
(3
|
)
|
(5
|
)
|
(9
|
)
|
(8
|
)
|
||||||||
Net cash used for financing activities
|
(6
|
)
|
(113
|
)
|
(402
|
)
|
(677
|
)
|
||||||||
Effect of translation on cash
|
2
|
8
|
(37
|
)
|
4
|
|||||||||||
Increase (decrease) in cash and cash equivalents
|
(27
|
)
|
553
|
(218
|
)
|
(288
|
)
|
|||||||||
Cash and cash equivalents, beginning of period
|
1,322
|
972
|
1,513
|
1,813
|
||||||||||||
Cash and cash equivalents, end of period
|
$
|
1,295
|
$
|
1,525
|
$
|
1,295
|
$
|
1,525
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
Subsea
|
$
|
658
|
$
|
735
|
$
|
1,289
|
$
|
1,416
|
||||||||
Surface
|
510
|
613
|
1,053
|
1,151
|
||||||||||||
Drilling
|
719
|
766
|
1,445
|
1,433
|
||||||||||||
Valves and Measurement (V&M)
|
381
|
539
|
809
|
1,039
|
||||||||||||
Elimination of intersegment revenues
|
(46
|
)
|
(83
|
)
|
(101
|
)
|
(140
|
)
|
||||||||
Consolidated revenues
|
$
|
2,222
|
$
|
2,570
|
$
|
4,495
|
$
|
4,899
|
||||||||
Segment operating income before interest and income taxes:
|
||||||||||||||||
Subsea
|
$
|
67
|
$
|
46
|
$
|
124
|
$
|
75
|
||||||||
Surface
|
69
|
108
|
161
|
199
|
||||||||||||
Drilling
|
119
|
97
|
254
|
164
|
||||||||||||
V&M |
44
|
110
|
89
|
208
|
||||||||||||
Elimination of intersegment earnings
|
(7
|
)
|
(24
|
)
|
(23
|
)
|
(36
|
)
|
||||||||
Segment operating income before interest and income taxes
|
292
|
337
|
605
|
610
|
||||||||||||
Corporate Items:
|
||||||||||||||||
Corporate expenses
|
(23
|
)
|
(38
|
)
|
(46
|
)
|
(75
|
)
|
||||||||
Interest, net
|
(33
|
)
|
(30
|
)
|
(71
|
)
|
(62
|
)
|
||||||||
Other (costs) gains, net
|
(37
|
)
|
6
|
(614
|
)
|
(43
|
)
|
|||||||||
Consolidated income (loss) from continuing operations before income taxes
|
$
|
199
|
$
|
275
|
$
|
(126
|
)
|
$
|
430
|
|||||||
Orders:
|
||||||||||||||||
Subsea
|
$
|
742
|
$
|
596
|
$
|
1,302
|
$
|
1,025
|
||||||||
Surface
|
471
|
619
|
921
|
1,255
|
||||||||||||
Drilling
|
327
|
639
|
594
|
1,456
|
||||||||||||
V&M
|
369
|
517
|
757
|
1,053
|
||||||||||||
Consolidated orders
|
$
|
1,909
|
$
|
2,371
|
$
|
3,574
|
$
|
4,789
|
June 30,
|
December 31,
|
June 30,
|
||||||||||
Backlog (at end of period):
|
2015
|
2014
|
2014
|
|||||||||
Subsea
|
$
|
4,178
|
$
|
4,263
|
$
|
4,763
|
||||||
Surface
|
970
|
1,025
|
1,146
|
|||||||||
Drilling
|
2,405
|
3,327
|
3,922
|
|||||||||
V&M
|
809
|
921
|
1,026
|
|||||||||
Consolidated backlog
|
$
|
8,362
|
$
|
9,536
|
$
|
10,857
|
Three Months Ended
June 30, 2015
|
||||||||
After Tax
|
Diluted EPS(1)
|
|||||||
Net income attributable to Cameron from continuing operations
|
$
|
137
|
$
|
0.71
|
||||
Adjustments:
|
||||||||
Facility closures and severance
|
13
|
|||||||
Asset charges
|
6
|
|||||||
Loss on Angola currency devaluation
|
6
|
|||||||
All other
|
(2
|
)
|
||||||
Net income attributable to Cameron, excluding charges
|
$
|
160
|
$
|
0.83
|
(1) | Based on 192 million diluted shares |
Three Months Ended
June 30, 2014
|
||||||||
After Tax
|
Diluted EPS(1)
|
|||||||
Net income attributable to Cameron from continuing operations
|
$
|
198
|
$
|
0.97
|
||||
Adjustments:
|
||||||||
Facility closures and severance
|
2
|
|||||||
Gain from remeasurement of prior interest in equity method investment
|
(6
|
)
|
||||||
Net income attributable to Cameron, excluding charges
|
$
|
194
|
$
|
0.95
|
(1) | Based on 205 million diluted shares |
1 Year Cooper Cameron Chart |
1 Month Cooper Cameron Chart |
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