Results out: at Cameron
Cameron income takes a tumble
US oilfield services player Cameron saw its net income slump in the fourth quarter, coming in at $97.3 million or $0.41 per diluted share.
In the same quarter in 2008, Cameron's net income was $146 million, or $0.66 per diluted share.
Cameron said its results for the 2009 quarter included after-tax charges of $31.1 million, or $0.13 per share, from costs related to its acquisition of Natco Group in November.
Revenues for the quarter dropped 4% year-on-year to $1.46 billion, while cameron saw an 11% year-on-year drop in its full-year revenue. For 2009, the company booked revenues of $5.22 billion, compared with 2008's $5.85 billion.
Earnings per diluted share for 2009 were $2.11, compared with $2.54 for 2008.
Chief executive Jack Moore said: "Our results in the quarter were in line with our expectations.
"Cameron's full-year results, which surpassed our early 2009 forecasts, reflected the strength and quality of our backlog, significant progress on cost control and a continuing focus on execution of deep-water projects in the subsea and drilling markets."
Orders booked in 2009's fourth quarter totalled $1.37 billion, up from the $1.17 billion in the 2008 period.
Cash flow from operations came in at about $613 million in 2009, compared with $988 million in 2008.
Moore added that cash flow this year is expected to be "comfortable", with capital expenditure pegged at about $180 million.
Cameron added that it expects its 2010 earnings to be in the range of $2.10 to $2.20 per diluted share.
"We enter 2010 with another solid backlog, more than half of which is subsea systems business," Moore said.