Cameron reported earnings per share for the fourth quarter of 2012 of $0.95 excluding charges. This compares to earnings per share for the fourth quarter of 2011 of $0.77 excluding charges. After-tax charges for the fourth quarter of 2012 were $0.07 per share.
Revenues of $2.4 billion for the quarter were at a record level, up nearly 20% from $2.0 billion a year ago. Record revenues for the year of $8.5 billion exceeded 2011 revenues of $7.0 billion by over 22%. Revenues were up sequentially for all three segments for both the quarter and the year. Quarterly and annual income before income taxes were at record levels. Quarterly income before income taxes was $273.4 million, up over 117% from $125.9 million a year ago. For the year, 2012 income before income taxes was $938.0 million up 44% from $651.1 million in 2011. Chairman and CEO Jack B. Moore said, “Both quarter and annual year-over-year revenue increases were due to double digit revenue gains in all three of the Company’s segments.”
Moore noted record quarterly orders in the Drilling and Surface Systems businesses within the Drilling & Production Systems segment and the Valves & Measurement segment. These same business segments also achieved record annual orders. Moore said, “The Drilling Systems business saw unprecedented strength for the quarter, including 21 deepwater BOP awards as well as its previously announced first full deepwater rig package order. Drilling & Production Systems accomplished this record level of orders without any large subsea awards.”