Cameron International 3Q Profit Falls 23 Percent

HOUSTON (AP) — Cameron International Corp. on Tuesday said its third-quarter earnings fell 23 percent on one-time severance charges and declining sales amid weak economic conditions.

The oil and gas services company still raised its full-year outlook, as it saw oil prices stabilize during the most recent quarter from record lows hit early in the year.

Quarterly earnings declined to $124.9 million, or 56 cents per share, compared with $163 million, or 71 cents per share, during the same period last year.

Results in the latest quarter include severance-related charges of 2 cents per share. Excluding that, adjusted earnings amounted to 58 cents per share.

Analysts polled by Thomson Reuters predicted profit of 53 cents per share. Analysts typically exclude one-time items from their estimates.

Revenue slid 18 percent to $1.23 billion from $1.5 billion in the prior-year period. Analysts forecast revenue of $1.28 billion.

The company raised its full-year earnings outlook to a range of $2.26 per share to $2.30 per share, up from a previous forecast of $2.15 per share to $2.25 per share.

Analysts predict income of $2.21 per share.

Shares fell 46 cents to $36.96 in morning trading.