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Cameron Posts Strong Earnings per Share in Third Quarter

Monday, November 3, 2008  
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Cameron reported net income of $166.3 million, or $0.73 per diluted share, for the quarter ended Sept. 30, 2008, compared with net income of $150.7 million, or $0.65 per diluted share, for the third quarter of 2007. The third quarter 2007 results included a gain of $19.8 million, or $0.09 per share, related to the favorable resolution of certain tax matters. Excluding that gain, the company's earnings were $0.56 per diluted share for the third quarter of 2007.
"The $850 million booking for the initial phase of BP's Block 31 development offshore West Africa marked the largest single order in Cameron's history, and resulted in subsea orders totaling nearly $1 billion in the quarter. This, coupled with a record level of drilling orders, resulted in Drilling & Production Systems posting the highest quarterly orders in its history at $1.95 billion," Cameron President and CEO Jack B. Moore said. "In addition, Valves & Measurement recorded its highest orders quarter to date, with each of its business lines reaching new highs." More…

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