TSC Staff
Cameron (CAM Quote - Cramer on CAM - Stock Picks) beat fourth-quarter targets and reaffirmed for the year, but said first-quarter earnings will be light.
The Houston-based oil-services company made $97 million, or 83 cents a share, for the quarter ended Dec. 31, up from the year-ago $55 million, or 47 cents a share. Revenue rose to $1.08 billion from $739 million a year earlier. Excluding items, latest-quarter earnings were 92 cents a share. Analysts surveyed by Thomson Financial were looking for an 86-cent profit on sales of $1 billion. Orders booked during the fourth quarter of 2006 totaled $1.22 billion, up almost 55% from a year ago, as orders in each of the company's three divisions were higher than in the fourth quarter of 2005. The company guided to full-year earnings of $3.65 to $3.85 a share, in line with the $3.74 Thomson target, but said first-quarter earnings will fall short of estimates. Cameron expects to make 75 cents to 80 cents a share, shy of the 86-cent Wall Street estimate. "This guidance reflects the visibility of the projects in our current backlog, as well as our near-term expectations for activity in the oil and gas markets," the company said.
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