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Cameron hit by rising costs, shares plunge 12%

  • Cameron International (CAM -12.3%) gapped sharply lower at the open and has continued to drop to two-month lows after Q3 results missed earnings and revenue estimates.
  • CAM's Q3 net profit fell 15% to $189M, with an after-tax charge of $8.6M related to the integration of its OneSubsea joint venture with Schlumberger, adding to a Y/Y cost hike of 15%.
  • Revenues came in 13% higher at $2.5B while total orders rose to $3B from $2.3B a year earlier, with a record $11.2B backlog at the end of the quarter.
  • Issues downside guidance for Q4, seeing EPS of $0.95-$1.00 vs. $1.13 analyst consensus.

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