Cameron International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In accordance with the Safe Harbor provisions of the securities laws, we caution you that some of the statements made on this call may be forward-looking in nature and, as such, are subject to various factors not under the control of the company. For a more complete description of these factors and the related risks and uncertainties, please refer to Cameron's annual report on Form 10-K, the company's most recent Form 10-Q and the recent earnings news release.

I will now turn the meeting over to Jack.

Jack B. Moore

Thank you, Jeff. As many of you have seen, Cameron earned $0.54 in Q1, revenues topped $1.8 billion, up $300 million versus Q1 of 2011, net income of $134 million, an increase of $25 million versus last year. Bookings were very strong in Q1, coming in at $2.6 billion, an increase of over $1 billion versus last year and up $650 million sequentially. Backlog is at a record $6.8 billion.

All of our business units recorded year-over-year growth, once again underscoring the diversity of Cameron's business reach, both onshore and offshore. And one order that I would like to highlight is the award of 30 subsea tree systems from Petrobras' pre-salt development at $340 million. What is highly unique about this order is that all of the equipment will be built in our Leeds U.K. facility, a great complement to our subsea teams working with Petrobras to a system in bridging near-term delivery shortfalls. While this particular order will not consume any of Cameron's Brazilian manufacturing capacity, we fully expect that Petrobras will require a substantial number of additional pre-salt trees against our local capacity within the coming months.

I would also like to welcome TTS Energy to the Cameron family, an acquisition that we announced last week. TTS continues Cameron's expansion of the drilling systems markets. Combined with our LeTourneau acquisition in Q4 of last year, this will complement and expand our drilling technology reach and it really takes Cameron's rig solutions capabilities to a whole new level.

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