Cameron Eyes Record Profit in 2014

Cameron Jack B

Cameron has reported a record-level of fully diluted quarterly earnings per share from continuing operations, of $1.10 for the third quarter of 2014, as compared to $0.72 for the third quarter of 2013.

In comparing the third quarter of 2014 to the year-ago quarter, Chairman and Chief Executive Officer Jack B. Moore, said: “The primary driver of improved results was the strong operating performance of our Drilling & Production Systems (DPS) business group, which reported a 140-basis point increase in its EBITDA margin and a 21% increase in its quarterly revenue to a new record of $1.98 billion. We believe DPS has made tremendous progress in re-establishing operating excellence after the production delays in the drilling business experienced in late 2013.”

The Company reported a book-to-bill ratio of nearly 1:1 in the third quarter of 2014, with new orders of approximately $2.6 billion and revenues of approximately $2.7 billion. As a result, backlog of $10.6 billion was relatively flat on a sequential-quarter basis, and was also little changed from the third quarter of 2013.

Moore also noted that Cameron’s joint venture OneSubsea reported its strongest booking quarter of the year, due in part to the recently announced Pemex contract. Moreover, earlier this month, OneSubsea signed a 10-year global frame agreement with BG Group to supply subsea production equipment and aftermarket services.

“We expect that Cameron’s earnings will reach a record level in 2014,” said Moore. “The Company has demonstrated sequential-quarter improvement in earnings over the course of 2014, and we believe that trend will continue in the fourth quarter, with the expectation that earnings per share from continuing operations excluding unusual items will be in a range of $1.18 to $1.23. This updated guidance reflects agreement to sell the Company’s Centrifugal Compression business.”

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