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Cameron First Quarter Earnings Per Share $0.59

Thursday, May 07, 2009  
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Cameron reported net income of $114.6 million, or $0.52 per diluted share, for the quarter ended March 31, 2009, compared with net income of $123.0 million, or $0.53 per diluted share, for the first quarter of 2008. The first quarter 2009 results include a pretax charge of $22.3 million, or $0.07 per diluted share, for severance-related costs incurred during the quarter. In addition, the Company's results for the first quarter of 2008 and the balance sheet at December 31, 2008 have been revised to reflect a new accounting standard, which became effective on January 1, 2009, related to convertible debt.
 
Revenues were $1,257.0 million for the quarter, down six percent from 2008's $1,339.3 million, and income before income taxes was $167.3 million (including the $22.3 million charge), down seven percent from $180.5 million a year ago. Cameron President and Chief Executive Officer Jack B. Moore said that the revenue decline is due primarily to the timing of certain subsea project deliveries in Drilling & Production Systems (DPS) and lower sales in the Distributed Valves component of the Valves & Measurement (V&M) group, reflecting softness in the North American market. He also noted that improved project-related margins drove the year-over-year increase in earnings, excluding charges. More…

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