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Cameron Announces Results for First Quarter of 2015

- $0.91 fully diluted earnings per share excluding income from discontinued operations, asset impairment charges and other costs

- Strong execution and cost control drive quarterly results

- Subsea orders up compared to year-ago quarter and compared to Q4 of 2014


News provided by

Cameron

Apr 23, 2015, 07:30 ET

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HOUSTON, April 23, 2015 /PRNewswire/ -- Cameron (NYSE: CAM) today reported fully diluted earnings per share, excluding income from discontinued operations, asset impairment charges and other costs, of  $0.91 for the first quarter of 2015, compared to $0.70 for the same period of 2014.  

Results for the first quarter of 2015 included income from discontinued operations of $429 million, or $2.22 per share, primarily associated with a gain on the previously announced sale of the Company's Centrifugal Compression business; $538 million, or $2.79 per share, of asset impairment charges, primarily related to the impairment of goodwill in the Company's Process Systems business; and $18 million, or $0.09 per share, of other costs for restructuring costs and mark-to-market impact on currency derivatives.  On a GAAP basis, the Company's fully diluted earnings per share were $0.25 for the first quarter of 2015, as compared to $0.51 for the first quarter of 2014.

Commenting on the Company's performance in the first quarter of 2015 relative to the year-ago period, Chairman and Chief Executive Officer Jack B. Moore, said, "Excluding the impact of the items cited above, Cameron delivered strong earnings, driven by sharp increases in operating income in our Subsea and Drilling segments as those businesses continued to successfully execute on their backlogs.

Also contributing to the improvement in the Company's results was the ongoing fundamental change in our cost structure, which resulted in a significant decline in SG&A expense.  Operating income in our Surface segment remained relatively unchanged as cost reduction efforts and excellent execution mitigated the decline in orders for the segment's shorter-cycle business. Operating income in our Valves and Measurement segment was down considerably, reflecting the impact of weak orders in 2014 and the de-stocking of distributor inventories."

The company's effective tax rate for the quarter was 23.5%, excluding the impact of the gain and the asset impairment charges.

Orders and Backlog
Cameron's new orders and backlog for the first quarter of 2015 declined sequentially and as compared to the year-ago period, reflecting reduced activity levels across the industry.   "Nevertheless," said Moore, "orders in our Subsea segment were 30% above the year-ago quarter and 8% above the fourth quarter of 2014 due in part to the booking of a sizable subsea systems order for a BP development offshore Egypt."

Cash Flow from Operations and Capital Program
Despite the customary increase in working capital during the first quarter, the Company ended the quarter with cash and short-term investments totaling $1.7 billion and a net debt to total capital ratio of 14%.  

Cameron's capital expenditures totaled $89 million in the first quarter of 2015, as compared to $105 million in the first quarter of 2014. 

Share Repurchase Activity Continued
The Company acquired almost 4 million shares during the first quarter of 2015. Fully diluted shares outstanding at the end of the first quarter amounted to approximately 192 million.  As of the end of the first quarter of 2015, $298 million remained available under the Company's existing share purchase authorization.

2015 Outlook
Moore said, "Cameron executed well over the first three months of the year, and that helped to offset the seasonal first-quarter weakness that we had expected.  Additionally, we saw accelerated benefits from our efforts to lower our fundamental cost structure and improve operational efficiency.  Even so, for the balance of the year, the cyclical downturn represents an increasing headwind relative to that experienced in the first quarter."

Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.

Website: www.c-a-m.com

In addition to the historical data contained herein, this document includes forward-looking statements regarding anticipated revenues, operating income and earnings of the Company for 2015, as well as expectations regarding improved execution and cost reduction efforts, made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 

The Company's actual results may differ materially from those described in forward-looking statements.  Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company, which can affect the Company's results of operations, liquidity or financial condition.  Such factors may include overall demand for, and pricing of, the Company's products, particularly as affected by North American activity; the size and timing of orders; the Company's ability to successfully execute the large subsea and drilling systems projects it has been awarded; the possibility of cancellations of orders; the Company's ability to convert backlog into revenues on a timely and profitable basis; the impact of acquisitions the Company has made or may make; changes in the price of (and demand for) oil and gas in both domestic and international markets; raw material costs and availability; political and social issues affecting the countries in which the Company does business; fluctuations in currency markets worldwide; and variations in global economic activity.  In particular, current and projected oil and gas prices historically have generally directly affected customers' spending levels and their related purchases of the Company's products and services.  Additionally, changes in oil and gas price expectations may impact the Company's financial results due to changes it may make in its cost structure, staffing or spending levels.

Because the information herein is based solely on data currently available, it is subject to change as a result of changes in conditions over which the Company has no control or influence, and should not therefore be viewed as assurance regarding the Company's future performance.  Additionally, the Company is not obligated to make public indication of such changes unless required under applicable disclosure rules and regulations.

Cameron

Unaudited Consolidated Condensed Results of Operations

($ and shares in millions except per share data)




Three Months Ended

March  31,



2015


2014






Revenues


$        2,273


$        2,329






Costs and Expenses:





Cost of sales (exclusive of depreciation and amortization shown separately below)


1,608


1,690

Selling and administrative expenses


286


318

Depreciation and amortization


89


85

Interest, net


38


32

Asset impairment charges


553


40

Other costs


24


9

Total costs and expenses


2,598


2,174






Income (loss) from continuing operations before income taxes


(325)


155

Income tax provision


(53)


(45)

Income (loss) from continuing operations


(378)


110

Income from discontinued operations, net of income taxes


429


5

Net income


51


115

Less: Net income attributable to noncontrolling interests


2


4

Net income attributable to Cameron stockholders


$             49


$           111






Amounts attributable to Cameron stockholders:





    Income (loss) from continuing operations


$         (380)


$           106

Income from discontinued operations


429


5

Net income attributable to Cameron stockholders


$             49


$           111

Earnings (loss) per common share attributable to Cameron stockholders:





    Basic-





    Continuing operations


$        (1.97)


$         0.49

    Discontinued operations


2.22


0.02

Basic earnings per share


$         0.25


$         0.51






Diluted-





    Continuing operations


$        (1.97)


$         0.49

    Discontinued operations


2.22


0.02

Diluted earnings per share


$         0.25


$         0.51

Shares used in computing earnings per common share:





Basic


193


215

Diluted


193


216

Cameron

Consolidated Condensed Balance Sheets

($ millions)



March 31,

2015


December 31, 2014


(unaudited)



Assets:




Cash and cash equivalents

$            1,322


$            1,513

Short-term investments

424


113

Receivables, net

2,178


2,389

Inventories, net

2,930


2,929

Other current assets

397


391

Assets of discontinued operations

–


217

Total current assets

7,251


7,552





Plant and equipment, net

1,830


1,964

Goodwill

1,858


2,461

Intangibles, net

679


728

Other assets

187


187

Total Assets

$          11,805


$          12,892





Liabilities and Stockholders' Equity:




Short-term debt

$                 31


$               263

Accounts payable and accrued liabilities

3,194


3,748

Accrued income taxes

393


168

Liabilities of discontinued operations

–


90

Total current liabilities

3,618


4,269





Long-term debt

2,813


2,819

Deferred income taxes

179


193

Other long-term liabilities

166


167

Total liabilities

6,776


7,448





Stockholders' Equity:




Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at March 31, 2015 and December 31, 2014

3


3

Capital in excess of par value

3,234


3,255

Retained earnings

5,680


5,631

Accumulated other elements of comprehensive income (loss)

(765)


(540)

Less:  Treasury stock, 71,543,192 shares at March 31, 2015 (68,139,027 shares at December 31, 2014)

(3,949)


(3,794)

            Total Cameron stockholders' equity

4,203


4,555

    Noncontrolling interests

826


889





Total equity

5,029


5,444





Total Liabilities and Stockholders' Equity

$          11,805


$          12,892

Cameron

Unaudited Consolidated Condensed Statements of Cash Flows

($ millions)




Three Months Ended

March 31,



2015


2014






Cash flows from operating activities:





    Net income


$          51


$       115

Adjustments to reconcile net income to net cash used for operating activities:





Asset impairment charges


553


40

Pre-tax gain on sale of Centrifugal Compression business


(680)


–

        Depreciation


75


68

        Amortization


14


19

        Non-cash stock compensation expense


10


14

        Deferred income taxes and tax benefit of stock compensation plan transactions


(2)


(16)

Changes in assets and liabilities, net of translation and non-cash items:





        Receivables


147


(60)

        Inventories


(105)


(175)

        Accounts payable and accrued liabilities


(471)


(213)

        Other assets and liabilities, net


215


34

            Net cash used for operating activities


(193)


(174)

Cash flows from investing activities:





Pre-tax net proceeds received from sale of Centrifugal Compression business


831


–

    Proceeds from sales and maturities of short-term investments


122


5

    Purchases of short-term investments


(433)


(5)

    Capital expenditures


(89)


(105)

    Proceeds from sales of plant and equipment


6


6

            Net cash provided by (used for) investing activities


437


(99)

Cash flows from financing activities:





Short-term loan borrowings (repayments), net


(201)


330

    Purchase of treasury stock


(182)


(902)

Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions


(8)


9

    Excess tax benefits from stock compensation plan transactions


1


2

    Principal payments on capital leases


(6)


(3)

        Net cash used for financing activities


(396)


(564)

Effect of translation on cash


(39)


(4)

Decrease in cash and cash equivalents


(191)


(841)

Cash and cash equivalents, beginning of period


1,513


1,813

Cash and cash equivalents, end of period


$     1,322


$       972

Cameron

Unaudited Supplemental Segment Financial Data

($ millions)




Three Months Ended

March 31,



2015


2014






Revenues:





    Subsea


$        631


$        681

Surface


543


538

Drilling


726


667

    Valves and Measurement (V&M)


428


500

    Elimination of intersegment revenues


(55)


(57)

         Consolidated revenues


$     2,273


$     2,329






Segment operating income before interest and income taxes:





    Subsea


$          57


$          29

Surface


92


91

Drilling


135


67

    V&M


45


98

    Elimination of intersegment earnings


(16)


(12)

        Segment operating income before interest and income taxes


313


273






Corporate Items:





    Corporate expense


(23)


(37)

Interest, net


(38)


(32)

Goodwill impairment and other costs


(577)


(49)

       Consolidated income (loss) from continuing operations before income taxes


$       (325)


$        155






Orders:





    Subsea


$        560


$        430

Surface


450


635

Drilling


267


817

    V&M


388


536

         Consolidated orders


$     1,665


$     2,418



March 31,


December 31,


March 31,

Backlog (at end of period):


2015


2014


2014

    Subsea


$     4,101


$     4,263


$     4,805

    Surface


1,009


1,025


1,063

    Drilling


2,864


3,327


4,050

    V&M


810


921


1,057

        Consolidated backlog


$     8,784


$     9,536


$   10,975

Cameron

Reconciliation of GAAP to Non-GAAP Financial Information

($ millions, except per share amounts)



Three Months Ended

March 31, 2015


After Tax


EPS

Net loss attributable to Cameron from continuing operations

$          (380)


$         (1.97)

Adjustments:




Asset impairment charges (1)

538



    Mark-to-market impact on currency derivatives not designated as accounting hedges(2)

9



    Restructuring and other net costs(2)

9



Net income attributable to Cameron, excluding charges

$            176


     $          0.91(3)



(1)

Majority is non-deductible for tax purposes

(2)

Individual adjustment assumes a 23.5% effective tax rate

(3)

Based on approximately 194 million shares


Three Months Ended

March 31, 2014


After Tax


Diluted EPS(2)

Net income attributable to Cameron from continuing operations

$            106


$          0.49

Adjustments:




Impairment of goodwill(1)

40



    Acquisition, restructuring and other costs

6



Net income attributable to Cameron, excluding charges

$            152


$          0.70







(1)

Adjustment is non-deductible for tax purposes

(2)

Based on 216 million diluted shares

SOURCE Cameron

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http://www.c-a-m.com

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