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Cameron International Management Discusses Q2 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've seen, Cameron earned $0.74 in Q2, excluding charges related to pension settlements and integration cost. We had record revenues at the quarter at just north of $2 billion and we had another great order story for Q2, with total orders coming in at $2.6 billion, our second highest ever and just slightly ahead of a great Q1. Orders were strong across all of our divisions with Surface Systems and V&M setting new records. Subsea, Drilling and Process & Compression had sizable order rates as well in quarter 2. Total backlog for Cameron stands -- now stands at $7.5 billion, up 35% from a year ago and up 10% sequentially. Backlog has increased across all of our major business segments year-over-year. Our bookings in Q2 once again highlight the strength of our diverse businesses across a global footprint supported by a lot of hard-working Cameron employees.

Both our international onshore and deepwater markets continue to move forward as we achieve another solid quarter in our Engineered Valves, Drilling and Subsea businesses as well and focused on these markets. And even with North American activity coming under pressure, Cameron still achieved sequential growth in this market.

We did close on the TTS drilling technology acquisition in June and are extremely excited with bringing their employees and technology on board. It is a wonderful complement to our Drilling Systems platform and will be instrumental in executing on our rig solution strategy.

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