Cameron International Corp. (CAM), a provider of flow equipment products, Thursday reported second-quarter net income attributable to stockholders of $221 million or $1.08 per share, up from $140 million or $0.57 per share in the previous year.
The latest quarter's results include unusual items consisting of after-tax credits of $0.02 per share and a gain of $0.06 per share from discontinued operations. The unusual items for the year-ago period were charges and the tax consequences related to the formation of OneSubsea of $0.22 and a gain of $0.02 per share from discontinued operations.
Excluding items, adjusted earnings for the recent quarter totaled $1.00 per share, compared to $0.77 per share in the same period last year. On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew nearly 20 percent to $2.64 billion from $2.21 billion in the prior year. Analysts estimated revenues of $2.56 billion for the quarter.
Looking ahead to the third quarter, Camron forecasts earnings from continuing operations in a range of $1.10 to $1.20 per share excluding unusual items. Street expects the company to report earnings of $1.08 per share for the quarter.
For fiscal 2014, Cameron now expects adjusted earnings from continuing operations in a range of $4.00 to $4.25 per share, up from the prior range of $3.80 to $4.10 per share, excluding unusual items. Analysts expect earnings of $3.93 per share for the year.
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