By Houston Business Journal

Despite a pre-tax charge, Cameron International Corp. (NYSE: CAM) was able to increase its third-quarter net income.

The company on Thursday reported net income of $164.5 million, or 67 cents per share, for the third quarter ended Sept. 30, compared to net income of $148.7 million, or 61 cents per share, a year earlier.

Revenue for the quarter was $1.7 billion, up from $1.5 billion the prior yearâ¿¿s quarter.

Analysts had expected 74 cents per share.

After falling to as low as $48.12 early Thursday, Cameron shares rallied in the afternoon to close up 54 cents, or 1 percent, to $52.07 in heavy volume.

The company reported pre-tax charges of $34.2 million, or 11 cents per share, related to retiring the companyâ¿¿s convertible debentures, litigation and mark-to-market losses associated with foreign currency derivatives.

The third-quarter 2010 results included pre-tax charges of 10.4 million, 3 cents per share, and were associated with the integration of the NATCO Group Inc. acquisition, litigation and severance costs.

Excluding special items, Cameron earnings rose to 78 cents per share for the latest period.

Copyright 2011 American City Business Journals

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