Cameron International (NYSE: CAM) Reports 23 Percent Drop in 3Q Earnings
Buffalo, New York 11/03/2009 07:50 PM GMT (TransWorldNews)
Cameron International Corp. (NYSE: CAM) on Tuesday said its third-quarter earnings fell 23 percent on one-time severance charges and declining sales amid weak economic conditions, according to Associated Press.
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The oil and gas services company still raised its full-year outlook, as it saw oil prices stabilize during the most recent quarter from record lows hit early in the year.
Quarterly earnings declined to $124.9 million, or 56 cents per share, compared with $163 million, or 71 cents per share, during the same period last year.
Results in the latest quarter include severance-related charges of 2 cents per share. Excluding that, adjusted earnings amounted to 58 cents per share.
Analysts polled by Thomson Reuters predicted profit of 53 cents per share. Analysts typically exclude one-time items from their estimates.
Revenue slid 18 percent to $1.23 billion from $1.5 billion in the prior-year period. Analysts forecast revenue of $1.28 billion.
The company raised its full-year earnings outlook to a range of $2.26 per share to $2.30 per share, up from a previous forecast of $2.15 per share to $2.25 per share.
Analysts predict income of $2.21 per share.
Shares fell 56 cents to $37.06 in afternoon trading.
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