Cameron released its second quarter earning report, reporting a net income of $152.0 million, or $0.65 per diluted share, for the quarter ended June 30, 2008, compared with net income of $123.2 million, or $0.54 per diluted share, for the second quarter of 2007. The 2007 results included a gain of $0.03 per diluted share related to the favorable resolution of certain tax matters.
Total revenues were $1,480.6 million for the quarter, up 30% from 2007's $1,139.0 million, and income before income taxes was $223.5 million, up 26% from the $176.8 million of a year ago. Cameron President and Chief Executive Officer Jack B. Moore said that the results reflect an increase of nearly 40% in revenues and income before income taxes for the Drilling & Production Systems (DPS) group, driven primarily by gains in the subsea and drilling product lines.
"Project delivery performance in DPS exceeded our expectations," Moore said, "leading to a stronger level of earnings than we had originally forecast for the quarter."
Total orders for the second quarter of 2008 were $1.80 billion, up 37% from year-ago levels. Moore noted that both the Valves & Measurement (V&M) group and the Compression Systems division posted the highest quarterly orders in their history, and that the DPS group orders exceeded $1 billion for the third consecutive quarter.
"The V&M orders reflected another strong quarter for the engineered valves business and continued strength in the other valves product lines," Moore said. "In addition, the Compression business saw record orders, driven by higher levels of international bookings in the centrifugal product line. Meanwhile, the sequential decline in subsea bookings for DPS was due to the lack of any large project orders, and was partially offset by a strong level of orders for drilling equipment."
Moore noted that year-to-date orders totaled approximately $3.76 billion, up 47% from the $2.56 billion of the first half of 2007, and that at June 30, 2008, total backlog was a record $5.22 billion, up from the prior quarter's record of $4.90 billion and the June 30, 2007 level of $3.98 billion.
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