Boston, MA 10/31/2013 (wallstreetpr) – Cameron International Corporation (NYSE:CAM) is a world renowned manufacturer of equipments used in oil drilling and production systems apart from valves and measurement of oil and gas. On October 24, it had released its Q3 earnings for the current year. The company saw a net income of $189 million with $0.78 EPS which was $34 million lesser than last year’s Q3.
Backlog orders reach record levels
In the last quarter for the company, it saw record levels of backlog orders implying that there was a tremendous opportunity for growth for the company with a number of projects in the pipeline. When compared to last year the backlog orders increased to $11.2 billion from $8.6 billion and it is estimated to bring about 47% increases in growth. These margins were due to the merging of OneSubsea processing and a string of other acquisitions.
Jack B. Moore, Cameron Chairman and Chief Executive Officer, said that due to two-digit revenues in Drilling & Productions Systems (DPS), such positive numbers were achieved. Also he stated that OneSubsea was set to make more investments in the research and development sector in the coming fiscal year. Overall the results stated that with the current industry demand the company must upscale itself to meet it all with an aim to achieve more in less time.
Market slips due to distrust of investors
The company saw a sharp decline in its share value since the time its Q3 results were announced. It fell from $62.73 on October 23 to $53.85 on the next day. The reason for the dip may be because of the volatile performance of the company as well as its stock in the past quarter. The investors may be assured that the stock is in no way overrated and is only set to increase in the next quarter, thus making it a good buy.