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 associated news release.With that, I'll now turn things over to Jack. Jack B. Moore Thank you, Jeff. Cameron reported earnings of $0.78 per share in Q3 excluding charges. Revenues in the quarter were just shy of $1.7 billion, up 10% versus last year, driven by gains in our Drilling & Production Systems and our Valves & Measurement segments. Net income for the quarter was $165 million. Cameron had another strong bookings quarter, totaling just over $2 billion and up over 35% versus Q3 of 2010. Year-to-date orders totaled $5.9 billion and our backlog stands at $5.8 billion. As we talked about in our Q2 call, the diversity of Cameron's portfolio benefited us again in Q3, with record bookings in Surface Systems, Distributed Valves, Process Valves and our Measurement segments. We did close the LeTourneau acquisition on Monday. We're very excited about the potential of the effects this acquisition creates for the Cameron enterprise. LeTourneau has a very rich history of providing quality products with quality people to the drilling community, and we are extremely proud to have them join our team. Let me drill, no pun intended, into the highlights of the quarter. Overall bookings for our Drilling & Production Systems segments came in at $1,150,000,000 in Q2, a 60% increase over last year. Subsea Systems bookings were just shy of $400 million for the quarter. No large project awards were recorded. However, we did secured an order in Norway for Det Norske for their Jette project, our second deepwater project in Norway. We've also secured additional orders for ongoing work in West Africa, Australia, China and the Gulf of Mexico. Revenues came in at $352 million for the quarter. And I would say that overall project quotation activity continued to be very robust in all markets. And we expect to see near-term movement in major awards.
Surface Systems had record bookings in Q3, coming in at $346 million, up 28% versus last year. All regions reported strong results, driven by higher rig activity levels. North America bookings continue to build as we broaden our penetration in the shales. As we have stated on previous calls, we placed a lot of focus on our sales efforts, our facility infrastructure, our personnel and our fracturing manifold asset builds to support this market, and the investments are paying off.Project bookings in Saudi, Iraq, Indonesia and the former Soviet Union had also positive impacts for the quarter. Surface revenues for the quarter were $340 million, also a new record. Drilling Systems bookings in Q3 totaled $415 million. We booked 2 subsea stacks, 10 jack-up and 2 platform stacks in the quarter. Aftermarket bookings came in at $171 million for the quarter, up 70% from the Q3 of 2010. We continue to ramp up our capacity and personnel to support this increasing level of demand for aftermarket services. Revenues for the quarter came in at $280 million. We expect to see, I think, as a lot of you do, a lot of activity with deepwater newbuilds commitments that are currently existing in Brazil. And as for the rest of the world, we expect to see additional upgrades in option extensions for future newbuilds, both onshore and offshore, to evolve in the coming year. As previously mentioned, we are excited to have closed the LeTourneau acquisition this week. It's a wonderful complement and fit to our existing Drilling Systems platform, and many our customers have been very supportive of Cameron in making this move. It broadens our current portfolio of products, expands our aftermarket scope and brings a depth of talent of people and infrastructure that will provide a great foundation for growth in the future. I will note that Letourneau's backlog sits at $285 million at the end of Q3, and we will talk more in the next call on how the integration is moving forward. But needless to say, we have a lot of potential that is yet to be realized, and it will take sometime to develop. Read the rest of this transcript for free on seekingalpha.com