Cameron International Expects Higher Earnings in 2007 Based on Year-End Backlog
Cameron International Corp., which makes oil and gas industry equipment, said Friday its current backlog will drive earnings growth in 2007.
Total backlog at year-end was up 63 percent to $3.53 billion. Based on that, the company sees 2007 earnings between $3.65 and $3.85 per share, while analysts polled by Thomson Financial see 2007 earnings of $3.74 per share.
Full-year results will depend on overall activity in the energy markets and spending levels of Cameron’s customers, the company said.
For the first quarter, Cameron expects earnings between 75 cents and 80 cents, while analysts are looking for higher earnings of 86 cents per share.
“This guidance reflects the visibility of the projects in our current backlog, as well as our near-term expectations for activity in the oil and gas markets,” said Chairman and Chief Executive Officer Sheldon R. Erikson.
Source: AP via biz.yahoo.com