Cameron First Quarter Earnings Released
Cameron reported net income of $134.0 million, or $0.54 per diluted share, for the quarter ended March 31, 2012, compared with net income of $109.5 million, or $0.43 per diluted share, for the first quarter of 2011. The first quarter 2011 results included after-tax charges of $7.0 million, or $0.03 per diluted share, primarily related to litigation costs associated with the Deepwater Horizon matter.
Revenues were $1.8 billion for the quarter, up 20 percent from $1.5 billion a year ago, and income before income taxes was $171.8 million up 23 percent from $139.9 million (including the $8.9 million pretax charge) a year ago. Cameron chairman, president and CEO Jack B. Moore said that the year-over-year revenue increase was due to gains in Drilling & Production Systems and Valves & Measurement.
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