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Cameron International Corporation discusses 2nd quarter results

Boston, MA 07/29/2013 (wallstreetpr) – Cameron International Corporation (NYSE:CAM) closed in the previous trading session at $57.18 after going 4.70% (or -$2.82) in the southwards direction. The stock has hit day’s high at $59.22 and day’s low at $56.96.

The company, Cameron International Corporation, announced the second quarter results the year 2013 on 25 July, 2013.

The Chief Executive Officer, the Chairman and the President of the company, Jack B. Moore said that there were earnings of $0.79 per share in the second quarter which excludes charges related to OneSubsea. The revenues of the quarter were $2.3 billion which were up by 11%. The total backlog of the company stands at a record $10.5 billion which is $3 billion up over the previous year level. The orders of the 2nd quarter did not reflect any important subsea awards as was seen in the previous quarter.

However, the Chairman is excited to announce that the company was awarded Rosebank project of Chevron in the North Sea after the quarter was closed at $540 million. The project is consisted of sixteen trees and associated control systems and manifolds and is the 1st official project award for OneSubsea.

The markets of Russia and Europe have seen great improvements from year to date orders as well as year ago levels grew up 100%. As the spending of PMEX in the North region has reduced significantly Latin America will be the only area of concern.

In the 2nd quarter, drilling systems saw great order rates totalling $674 million, 10% above the level of last year. The demand for Newbuild jackup in aftermarket was the basic drivers for orders in the second quarter. The company was awarded equipment for six jackups along with one deepwater stack in this second quarter. There is a shortfall in PCS which is because of the timings of shipments in turbo compressor business.

Published by Van Bettauer

Van Bettauer is a financial aficionado from Vancouver, British Columbia. He currently studies at UBC, pursuing a Bachelors of Science degree. Van has been freelance writing for many years, specializing in copywriting, report writing and article writing. The combination of his scientific studies and writing experience brings a new and fresh perspective to the financial world. Visit Bettauer's Google+ page at the following address: https://plus.google.com/100770875710593766367/posts



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