cameron international corp (CAM) Key Developments
Cameron International Corporation, Schlumberger Limited - M&A Call
Aug 26 15
To discuss Schlumberger's agreement to acquire Cameron
Cameron Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Guidance for 2015
Jul 23 15
Cameron reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The company reported fully diluted earnings per share, excluding discontinued operations and other costs, of $0.83 for the second quarter of 2015 compared to $0.95 for the same period of 2014. Capital expenditures were $41 million in the second quarter of 2015, as compared to $73 million in the second quarter of 2014. Revenue was $2,222 million compared to $2,570 million in the second quarter of 2014. Revenues reflected a mixed pattern among 4 segments. Subsea was up 4% sequentially. Revenues in drilling were basically flat quarter-to-quarter. Revenues in Surface and V&M were down sequentially about 6% and 11%, respectively. Income from continuing operations before income taxes was $199 million compared to $275 million in the second quarter of 2014. Net income attributable to the company stockholders was $140 million or $0.73 per diluted share compared to $221 million or $1.08 per diluted share in the second quarter of 2014. Income from continuing operations attributable to the stockholders was $137 million or $0.71 per diluted share compared to $198 million or $0.97 per diluted share in the second quarter of 2014. Net cash provided by operating activities was $28 million compared to $213 million in the second quarter of 2014. Net income attributable to the company, excluding charges was $160 million compared to $194 million in the second quarter of 2014.
For the six months, revenue was $4,495 million compared to $4,899 million a year ago. Loss from continuing operations before income taxes was $126 million compared to income of $430 million a year ago. Net income attributable to the company stockholders was $189 million or $0.98 per diluted share compared to $332 million or $1.57 per diluted share a year ago. Loss from continuing operations attributable to the stockholders was $243 million or $1.27 per diluted share compared to income of $304 million or $1.44 per diluted share a year ago. Net cash used in operating activities was $165 million compared to net cash from operating activities of $39 million a year ago. Capital expenditure was $130 million compared to $178 million a year ago.
The company provided earnings guidance for the full year of 2015. Interest expense should approximate $140 million. Operating tax rate should approximate 23%. CapEx will be in the approximate range from $300 million to $350 million, and noncontrolling interest should be around $50 million.
Cameron International Corporation, Cameron (Singapore) Pte. Ltd., Cameron Canada Corporation, Cameron Lux V S.À R.L., Cameron Flow Control Technology Gmbh, and Cameron Petroleum (Uk) Limited, Enters into $750 Million Amended and Restated Credit Agreement
May 20 15
On May 14, 2015, Cameron International Corporation and certain of its subsidiaries, Cameron (Singapore) Pte. Ltd., Cameron Canada Corporation, Cameron Lux V S.à r.l., Cameron Flow Control Technology GmbH, and Cameron Petroleum (UK) Limited, the lenders and JPMorgan Chase Bank, N.A., as an LC Issuer and Administrative Agent and J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC as Joint Lead Arrangers and Joint Book Runners, Citibank, N.A. and Credit Suisse Securities (USA) LLC as Syndication Agents, and Morgan Stanley Bank, N.A., Standard Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ Ltd. and DNB Capital LLC as documentation agents, entered into a $750 million amended and restated credit agreement. The Credit Agreement has a term of five years, expiring on May 14, 2020, and will be used to finance working capital needs and for other general corporate purposes, including acquisitions, capital expenditures, repurchases of Cameron stock, repayment of debt and issuances of letters of credit.
Cameron International Corporation Announces Management Changes
May 11 15
On May 8, 2015, the Board of Directors elected, effective October 5, 2015, R. Scott Rowe as Chief Executive Officer. Mr. Rowe is Cameron's President and Chief Operating Officer. Cameron's current Chairman and Chief Executive Officer, Jack B. Moore, will remain the Company's Chairman. Mr. Moore was named President and Chief Executive Officer of the Company in April 2008, became Chairman, President and Chief Executive Officer in May 2011 and has been the Chairman and Chief Executive Officer since October 1, 2014, when Mr. Rowe was elected as President and Chief Operating Officer. Mr. Rowe joined Cameron in 2002 as Corporate Development Manager and has served as President and Chief Operating Officer since October 1, 2014. He was first elected as a Vice President of Cameron in 2012. From March 1, 2014 to September 30, 2014, Mr. Rowe served as Chief Executive Officer and from June 2013 to March 2014 was President for OneSubsea, Cameron's joint venture with Schlumberger Limited. Mr. Rowe has held other significant positions in both Drilling and Production Systems and Valves and Measurement divisions, including President of the Subsea Systems division from 2012 to 2013, President of the Engineered and Process Valves division from 2010 to 2012, President, Process Valves and Aftermarket from 2008 to 2010, and Vice President and General Manager of the Distributed Valves division from 2007 to 2008. Gary M. Halverson, Senior Vice President and President of Drilling and Production Systems, notified the Company that he intends to retire, effective May 31, 2016. Effective May 31, 2015, Mr. Halverson will cease to serve as President of Drilling and Production Systems (DPS), the position of President of DPS will be eliminated, and each of these business units will report directly to the Company's President and Chief Operating Officer. Mr. Halverson will continue to serve as a Senior Vice President of the Company reporting to the Chief Operating Officer. Mr. Halverson's indemnification agreement with the Company will continue in effect in accordance with its terms.
Cameron Names Greg Hands as Chief Secretary of the Treasury
May 11 15
Cameron announced Greg Hands has been named as the new chief secretary of the Treasury, replacing ousted Liberal Democrat Danny Alexander. Hands, who worked as parliamentary private secretary to chancellor George Osborne following the 2010 election, was appointed on May 11, 2015 as part of a cabinet reshuffle following an unexpected Tory majority in the election last week. He also previously held the position of shadow treasury minister from 2009 to 2010 and assistant whip, having been appointed to the role in 2011. He is MP for Chelsea and Fulham.