, a manufacturer of oil and gas pressure control equipment, said its first-quarter earnings almost doubled, driven by demand across its markets.
The Houston-based company earned $56 million, or 47 cents a share, in the quarter, compared with $28.6 million, or 26 cents a share, a year ago. Excluding a charge of 5 cents a share related to the integration of the Dresser acquisition, the company earned 52 cents a share. Analysts polled by Thomson First Call were expecting earnings of 41 cents a share in the most recent quarter.
First-quarter revenue rose 51% to $829.7 million as against analysts' estimate of $776.6 million.
Including charges of 11 cents a share related to the integration of the Dresser acquisition, the company expects to earn 40 cents a share to 45 cents a share. Cooper expects to earn $2.05 a share to $2.15 a share for the full year, including a charge of 23 cents a share. Analysts are expecting earnings of 49 cents a share in second quarter and $2.10 a share for the full year.
Total orders were $1.34 billion, nearly doubled the figure of $680 million of a year ago on account of record orders for drilling equipment and impact of Dresser acquisition.
"Cameron recorded the highest single-quarter orders in its history as a result of record bookings of drilling equipment, driven by deepwater rig construction; Cooper Cameron Valves' (CCV) record bookings reflect the addition of the Dresser businesses and continuing strength across its markets; and Compression's orders reached their highest quarterly level since 1999," the company said.
Revenue from Cameron segment rose 27.5% to $435.3 million. Sales from Cooper Cameron valves segment more than doubled to $299 million.
Cooper Compression segment posted a revenue increase of 15% to $95.4 million.
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