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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV