Cameron (NYSE:CAM) reported net income of $124.9 million, or $0.56 per diluted share, for the quarter ended September 30, 2009, compared with net income of $163.0 million, or $0.71 per diluted share, for the third quarter of 2008. The third quarter 2009 results include a pretax charge of $5.9 million, or $0.02 per share, for severance-related costs.
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Total revenues were $1,231.8 million for the quarter, down 18 percent from 2008's $1,504.7 million, while income before income taxes was $168.6 million, down 30 percent from the $242.2 million of a year ago. Cameron President and Chief Executive Officer Jack B. Moore said, "The results reflect a continued focus on exceptional execution by our team in a difficult market." Moore also noted that margins held up well during the quarter. Orders received during the third quarter of 2009 totaled $1,343.0 million, up from the levels of the first two quarters of 2009. "Drilling & Production Systems' orders benefited from the bookings associated with a multi-year frame agreement for subsea equipment offshore Brazil," Moore said, "as well as a significant order for multiphase pumping systems booked by Petreco, Cameron's process systems business." He also noted that orders in Valves & Measurement and Compression Systems reached their highest quarterly totals to date during 2009; as a result, Cameron's total orders exceeded revenues during the quarter for the first time since the third quarter of 2008, driving an increase in the Company's total backlog. At September 30, 2009, Cameron's backlog totaled $5.12 billion, up from the $5.02 billion level at the end of the second quarter. There is a backlog increases, driven by subsea orders The earnings total $0.56 per share, including charge of $0.02 for severance-related costs. Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
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