Cameron First Quarter Earnings per Share $0.51

Cameron reported net income of $120.4 million, or $0.48 per diluted share, for the quarter ended March 31, 2010, compared with net income of $114.6 million, or $0.52 per diluted share, for the first quarter of 2009. The first quarter 2010 results include pretax charges of $10.3 million, or $0.03 per diluted share, for severance-related costs in certain of the Company’s businesses and acquisition integration costs. The first quarter 2009 results included a pretax charge of $22.3 million, or $0.07 per diluted share, for severance related costs.

Revenues were $1,346.7 million for the quarter, up seven percent from $1,257.0 million, and income before income taxes was $160.5 million (including the $10.3 million charge), down four percent from $167.3 million (including the $22.3 million charge) a year ago. Cameron President and Chief Executive Officer Jack B. Moore said that the revenue increase is due primarily to increased subsea project deliveries and the addition of NATCO in Drilling & Production Systems (DPS), which more than offset lower sales in the Valves & Measurement (V&M) and Compression Systems groups. More…