Last $74.33 USD
Change Today -0.03 / -0.04%
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As of 8:04 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

cameron international corp (CAM) Key Developments

Cameron International Corporation, Ingersoll-Rand Plc - M&A Call

To outline the proposed acquisition of Cameron International Corporation's Centrifugal Compression division by Ingersoll-Rand Plc

Cameron International Corp. Plans to Invest up to $6.5 Million in the Broadway Complex

Cameron International Corp. is still working on selling a division that includes its Cheektowaga plant, even as the company plans to invest up to $6.5 million in the Broadway complex. In its application to the ECIDA, the company said that its investment will unfold in two phases. The first phase will make it possible for the plant to operate two existing test stands for its products at the same time. The work includes expanding a substation and providing infrastructure for future expansion. That phase was already approved for $2.6 million in capital expenditures and is in the design stage. The second phase involves upgrading one of the test stands and adding a cooling tower. That phase, estimated at $3.9 million, is awaiting approval by corporate officials. It expects to finish the work in August 2015.

Cameron International Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter of 2014; Revises Earnings Guidance for the Full Year 2014

Cameron International Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Revenues were a second quarter record of $2.64 billion, up nearly 20% from $2.21 billion a year ago. Income from continuing operations before income taxes was $286 million against $200 million a year ago. Income from continuing operations was $220 million against $136 million a year ago. Net income attributable to Cameron stockholders was $221 million or $1.08 per diluted share against $140 million or $0.57 per diluted share a year ago. Income from continuing operations attributable to Cameron stockholders was $208 million or $1.02 per diluted share against $136 million or $0.55 per diluted share a year ago. EBITDA, excluding other costs (credits) was $402 million against $327 million a year ago. Net cash provided by operating activities was $213 million against $30 million a year ago. Capital expenditures were $73 million against $99 million a year ago. The company reported earnings per share for the second quarter of 2014 of $1.00 excluding unusual items. This compares to earnings per share for the second quarter of 2013 of $0.77 excluding unusual items. For the six months, net sales were $5,072 million against $4,270 million a year ago. Income from continuing operations before income taxes was $456 million against $380 million a year ago. Income from continuing operations was $342 million against $283 million a year ago. Net income attributable to Cameron stockholders was $332 million or $1.58 per diluted share against $289 million or $1.16 per diluted share a year ago. Income from continuing operations attributable to Cameron stockholders was $325 million or $1.54 per diluted share against $283 million or $1.14 per diluted share a year ago. EBITDA, excluding other costs (credits) was $739 million against $632 million a year ago. Net cash provided by operating activities was $39 million against $7 million a year ago. Capital expenditures were $178 million against $182 million a year ago. The company currently expects third quarter earnings from continuing operations to be in the range of $1.10 to $1.20 per diluted share excluding unusual items. Revenue should be between $2.6 billion and $2.8 billion. EBITDA margins should approximate to 16% overall. Based upon the company's expected continued margin expansion over the back half of the year as well as robust market conditions in North America, the company is raising its full year earnings outlook to a range of $4.00 to $4.25 per share excluding unusual items. Full year capital expenditures are expected to be between $450 and $500 million. The revenue expects to be in the range of $10.5 billion to $10.7 billion. EBITDA margin should be between 15.25% and 16%, D&A of $3.60 billion, interest expense of $1.34 billion, operational tax rate of 23%. The share count embedded in its third quarter and fourth quarter guidance is $204 million. CapEx is expected from $450 million to $500 million.

David Ross Retires from Board of Directors of Cameron International Corporation

Effective May 16, 2014, David Ross retired from the Board of Directors of Cameron International Corporation, at the expiration of his term as a director, in accordance with Cameron's Corporate Governance Principles, which provide that a director may not stand for reelection after reaching 72 years of age.

Cameron International Corp. Announces Lays Off of 60 Hourly Workers at its Cheektowaga Plant

Cameron International Corp. announced that it has laid off 60 hourly workers at its Cheektowaga plant, as the manufacturing site continues to struggle with a slowdown in orders. The cuts reduce the size of the hourly workforce to about 250 people. The plant, which was once the home of Joy Manufacturing, has felt pressure on its staffing from fewer orders. The site designs and makes air and gas compressors for applications including industrial plants.

 

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Price/Earnings 22.5x
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Price/Book 3.0x
Price/Cash Flow 13.7x
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