Cameron International Corp. (CAM) said its third-quarter GAAP net income dropped to $189.6 million, or $0.78 per share, from $223.6 million, or $0.90 per share, last year. Excluding charges, earnings per share for the period were $0.81. On average, 31 analysts polled by Thomson Reuters expected earnings per share of $0.83 for the quarter. Analysts' estimates typically exclude one-time items. After-tax charges for the 2013 third quarter were $8.6 million, mainly related to the integration of OneSubsea and certain other acquisitions, the company noted.
Three-month revenues of $2.5 billion were up nearly 13 percent from $2.22 billion reported a year ago, owing to double digit revenue gains in Drilling & Productions Systems. Analysts estimated revenues of $2.59 billion for the quarter. Total orders were $3.0 billion this quarter, up from $2.3 billion in the 2012 period, for an increase of over 32 percent.
Cameron said in a statement that the record revenues were established this quarter in each of its DPS businesses, OneSubsea, surface and drilling systems.
Going ahead, the company's fourth-quarter earnings are expected to be in the range of $0.95 - $1.00 per share, excluding charges, whereas 30 analysts project earnings of $1.13 per share.
by RTT Staff Writer
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