- Cameron International (CAM +4.6%) opens higher after Q4 earnings and revenue top analyst estimates; revenue rose 21% Y/Y to $2.94B but total costs and expenses jumped 22% to $2.62B.
- Issues downside guidance for Q1, seeing EPS of $0.70-$0.75 vs. $0.76 analyst consensus estimate; issues in-line guidance for FY 2014, seeing EPS of $3.60-$4.00 vs. $3.80 consensus.
- Q4 drilling and production business rose 39% to $1.94B, valves and measurement posted a 5.3% decrease, and process and compression systems reported a 1.8% decline.
- Orders booked for Q4 fell 2.9% to $3.3B, but the backlog ended the year at a record $11.5B, up 34% Y/Y.
- Expects to close the $550M sale of its reciprocating compression division to GE, announced earlier this month, in Q3, and expects to use net proceeds for share repurchases.
Cameron +4.6% as profit rises, but costs obscure revenue surge
Jan 30 2014, 09:52 ET