This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cameron International Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CAM

I will review some of the additional comments regarding our business unit performance in Q2. Our Valves & Measurement business had a record quarter across the board in bookings, revenues and profits. The big driver for our bookings -- our record bookings of $550 million came from projects both on onshore infrastructure and deepwater.

Our Engineered and Process Valves business saw another record quarter with a number of sizable project bookings in the North Sea, Australia, U.S. and Canada, and we continue to track a long list of projects that cover both upstream and downstream opportunities, several of which were gazed in the early feed spaces at this time. Given this visibility, we remain very confident of our ability to build on the success we have had in the first half of 2012 well into the second half. And with all of the noise in North America, our Distributed Valves orders saw a sequential decline of just 2% in Q2.

Our measurement business had a record quarter for bookings with strong order flow from our custody transfer products, as well as those focused on midstream developments. And while we expect to see the headwinds in our distributed business, we remain very bullish on the overall Valves & Measurement order flows in 2012.

Our Surface Systems business unit had record -- had a record Q2 in both bookings and profitability. Surface Systems booked $438 million in the quarter, up 35% year-over-year and up 8% sequentially. Order activity in Latin America and our Asia-Pacific and Middle East markets are strong. And our North Sea markets, both in Norway and the U.K. sector, continue to expand. Our recent announcement for the supply of wellhead and tree systems for the Rumaila field in Iraq would generate over $100 million in revenues over the next several years, and our decision back in 2011 to build a comprehensive service and aftermarket support base in Iraq has won us a lot of support with the majority of the operators there. As for North America, investment in high-pressure frac tree and manifold systems is paying off, which is allowing us to build share. We continue to win over customers with the quality and reliability of these systems. And even more impressive, it has allowed Cameron to broaden its footprint and our customers' well-side by adding Valves & Measurement, Process & Compression technologies as a Cameron enterprise. This packaged solution is providing customers with more safe and cost-effective operations.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs