Jan. 31 (Bloomberg) -- Cameron International Corp., the second-largest oilfield-equipment maker in the U.S., rose after orders for new gear almost doubled.
Cameron gained 4 percent to $63.31 at the close in New York.
Cameron had $3.4 billion in orders for new gear, up 79 percent from a year earlier, the company said today in a statement. Orders were projected to be $2.5 billion, J. David Anderson, an analyst at JP Morgan Chase & Co., wrote today in a note to investors. The increase included orders for 21 new blowout preventers, 400-ton fail-safe devices that attach to wellheads on the ocean floor.
“Record backlog provides clarity toward revenues, while maintenance spending by the offshore drillers is rising dramatically, suggesting that after-market sales should remain robust,” Scott Gruber, an analyst at Sanford Bernstein in New York wrote today in a note to investors.
Tudor Pickering Holt & Co. analysts called the total new orders a “monster” amount in today’s note to investors.
Today the company reported fourth-quarter net income, excluding one-time items, of 95 cents per share, which matched the average of 29 analysts’ estimates compiled by Bloomberg.
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