Cameron Q1 Profit Declines, But Lifts Full-year View - Quick Facts

(RTTNews) - Cameron International Corp. (CAM), a provider of flow equipment products, Thursday reported first-quarter net income attributable to stockholders of $111.1 million or $0.51 per share, down from $148.3 million or $0.60 per share in the previous year.

Earnings from continuing operations were $0.54, compared to $0.59 per share last year.

Excluding items, adjusted earnings for the recent quarter totaled $0.75 per share, while the firm posted $0.69 per share last year.

On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

After-tax charges for the first quarter of 2014 were $0.21 per share, mainly related to write-off of non-tax deductible goodwill associated with planned sale of reciprocating compression business. Discontinued operations were a $0.03 loss.

Total revenues for the quarter grew 18% to $2.43 billion from $2.06 billion in the prior year. Analysts estimated revenues of $2.39 billion for the quarter.

Meanwhile, total costs and expenses climbed to $2.26 billion from $1.88 billion a year ago.

Looking ahead to the second quarter, the company expects earnings from continuing operations to be in the range of $0.84 to $0.89 per share excluding charges. Street analysts expect the company to report earnings of $0.89 per share for the quarter.

For full year 2014, the firm now expects adjusted earnings from continuing operations to be in the range of $3.80 to $4.10 per share, up from the earlier outlook of $3.60 to $4.00 per share, excluding charges.

Analysts are looking for earnings of $3.83 per share for the year.