Bloomberg News

Cameron Declines After Lower-Than-Expected 2012 Guidance

February 02, 2012

(Updates share price in second paragraph.)

Feb. 2 (Bloomberg) -- Cameron International Corp., the second-largest U.S. maker of oilfield equipment, declined after forecasting first-quarter and 2012 earnings will be less than analysts’ estimates.

Cameron fell 1.7 percent to $53.22 at the close in New York. The Houston-based company expects per-share earnings this year to be $3.20 to $3.30, excluding charges, and 50 cents to 55 cents for the first quarter, it said in a statement today.

Cameron had been expected to earn $3.53 a share this year on an adjusted basis, according to the average of 31 analysts’ estimates compiled by Bloomberg. First-quarter average earnings would be 76 cents, according to 23 estimates.

“The smaller projects in the backlog will take a bit longer and there’s a challenging environment in North America onshore right now,” Jeff Spittel, a Houston-based analyst at Global Hunter Securities LLC, said in a phone interview today. Spittel, who has a “buy” rating and doesn’t own the shares, yesterday predicted the lower 2012 earnings.

Cameron today reported fourth-quarter net income declined to $99.9 million, or 40 cents a share, from $164.6 million, or 66 cents, a year earlier.

National Oilwell Varco Inc. is the largest U.S. maker of oilfield equipment.

--Editors: Tina Davis, Jasmina Kelemen

To contact the reporter on this story: Benjamin Haas in New York at bhaas7@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus