Cameron International Corp. (CAM, Financial) filed Quarterly Report for the period ended 2010-10-25.
Cameron International Corp. has a market cap of $10.41 billion; its shares were traded at around $43.4 with a P/E ratio of 19.5 and P/S ratio of 2. Cameron International Corp. had an annual average earning growth of 20.9% over the past 10 years.CAM is in the portfolios of Sarah Ketterer of CAUSEWAY CAPITAL MANAGEMENT LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, RS Investment Management, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, PRIMECAP Management.
Natural gas (Henry Hub) prices trended downward during the third quarters of 2010 and 2009 as compared to price levels at the beginning of both periods. The average price per MMBtu in the third quarter of 2010 was $4.28, a 1% decline from the average price per MMBtu in the second quarter of 2010 of $4.33 and a 35% increase from the same period in the prior year. The average price of $3.17 per MMBtu for the third quarter of 2009 declined by nearly 15% compared to the average price of $3.71 per MMBtu during the second quarter of 2009. Should the 12-month futures strip price for natural gas stay depressed for a longer period of time, the portion of the North American rig count directed to gas drilling could decline, which could impact the Company s order flow.
Net income for the third quarter of 2010 totaled $148.7 million, or $0.61 per diluted share, compared to net income for the third quarter of 2009 of $124.9 million, or $0.56 per diluted share. Total revenues for the Company increased by $295.3 million, or 24.0%, during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. Nearly 48% of the increase was attributable to the incremental impact of revenues from newly acquired businesses in the past year. Absent the effect of newly acquired businesses, consolidated revenues increased 12.5% as higher sales in all Drilling and Production Systems (DPS) segment product lines more than offset declines in Valves & Measurement (V&M) and Process & Compression Systems (PCS) segment sales.
Selling and administrative expenses increased $40.5 million, or 23.8%, during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009, due mainly to (i) approximately $17.2 million of incremental costs added from newly acquired businesses and (ii) approximately $23.7 million of higher employee and facility-related costs.
Excluding the impact of newly acquired businesses, order levels for the segment decreased $145.1 million, or 17%, in the third quarter of 2010 as compared to the third quarter of 2009. The primary driver for the decrease was a 53% decline in subsea equipment orders mainly related to a new frame agreement for future delivery of subsea trees for projects offshore Brazil valued at $300 million entered into during the third quarter of 2009 that did not repeat during the third quarter of 2010. This decrease was partially offset by:
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Cameron International Corp. has a market cap of $10.41 billion; its shares were traded at around $43.4 with a P/E ratio of 19.5 and P/S ratio of 2. Cameron International Corp. had an annual average earning growth of 20.9% over the past 10 years.CAM is in the portfolios of Sarah Ketterer of CAUSEWAY CAPITAL MANAGEMENT LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, RS Investment Management, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, PRIMECAP Management.
Highlight of Business Operations:
Crude oil prices (West Texas Intermediate, Cushing, OK) were more volatile during the third quarter of 2010 as compared to the third quarter of 2009 and trended downward from an average of $77.88 per barrel during the second quarter of 2010 to an average of $76.09 per barrel during the third quarter of 2010. Although prices declined on average during the third quarter of 2010, they were still nearly 12% higher than the same period in 2009.Natural gas (Henry Hub) prices trended downward during the third quarters of 2010 and 2009 as compared to price levels at the beginning of both periods. The average price per MMBtu in the third quarter of 2010 was $4.28, a 1% decline from the average price per MMBtu in the second quarter of 2010 of $4.33 and a 35% increase from the same period in the prior year. The average price of $3.17 per MMBtu for the third quarter of 2009 declined by nearly 15% compared to the average price of $3.71 per MMBtu during the second quarter of 2009. Should the 12-month futures strip price for natural gas stay depressed for a longer period of time, the portion of the North American rig count directed to gas drilling could decline, which could impact the Company s order flow.
Net income for the third quarter of 2010 totaled $148.7 million, or $0.61 per diluted share, compared to net income for the third quarter of 2009 of $124.9 million, or $0.56 per diluted share. Total revenues for the Company increased by $295.3 million, or 24.0%, during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. Nearly 48% of the increase was attributable to the incremental impact of revenues from newly acquired businesses in the past year. Absent the effect of newly acquired businesses, consolidated revenues increased 12.5% as higher sales in all Drilling and Production Systems (DPS) segment product lines more than offset declines in Valves & Measurement (V&M) and Process & Compression Systems (PCS) segment sales.
Selling and administrative expenses increased $40.5 million, or 23.8%, during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009, due mainly to (i) approximately $17.2 million of incremental costs added from newly acquired businesses and (ii) approximately $23.7 million of higher employee and facility-related costs.
Excluding the impact of newly acquired businesses, order levels for the segment decreased $145.1 million, or 17%, in the third quarter of 2010 as compared to the third quarter of 2009. The primary driver for the decrease was a 53% decline in subsea equipment orders mainly related to a new frame agreement for future delivery of subsea trees for projects offshore Brazil valued at $300 million entered into during the third quarter of 2009 that did not repeat during the third quarter of 2010. This decrease was partially offset by:
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