Cameron International Corp. (CAM, Financial) filed Quarterly Report for the period ended 2010-07-30.
Cameron International Corp. has a market cap of $9.68 billion; its shares were traded at around $39.64 with a P/E ratio of 17.8 and P/S ratio of 1.9. Cameron International Corp. had an annual average earning growth of 20.9% over the past 10 years.CAM is in the portfolios of Sarah Ketterer of CAUSEWAY CAPITAL MANAGEMENT LLC, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, RS Investment Management, Jim Simons of Renaissance Technologies LLC.
During the second quarter of 2009, the number of operating rigs in the U.S., Canada and the remainder of the world was in the latter stages of a steep decline that began in the fourth quarter of 2008. However, both crude oil (West Texas Intermediate, Cushing, OK) and natural gas (Henry Hub) prices were increasing during the second quarter of 2009, with crude oil prices rising from an average of $43.18 per barrel during the first quarter of 2009 to $59.69 per barrel during the second quarter of 2009. Natural gas prices were more volatile during the second quarter of 2009 but ultimately on average were down from an average price of $4.55 per MMBtu in the first quarter of 2009 to $3.71 per MMBtu in the second quarter of 2009.
Selling and administrative expenses increased $22.1 million, or 12.1%, during the three months ended June 30, 2010 as compared to the three months ended June 30, 2009, due mainly to approximately $20.8 million of incremental costs added from newly acquired businesses.
Interest expense decreased in the second quarter of 2010 as compared to the second quarter of 2009, due mainly to $2.0 million of benefit recognized in the second quarter of 2010 associated with the Company s interest rate swaps (see Note 14 of the Notes to Consolidated Condensed Financial Statements) and a $4.3 million accrual for interest recorded during the second quarter of 2009 related to an international contingency.
These increases were partially offset by a decrease of 0.8 percentage points in the ratio of selling and administrative expenses to revenues. Although nearly $13.1 million of costs were added as a result of newly acquired businesses, the increase in relation to revenues was offset by the absence of (i) a $7.5 million write-down related to a receivable associated with the 2006 sale of the Company s interest in its Iranian joint venture and (ii) a $5.0 million accrual related to bad debts, both of which were recorded in the second quarter of 2009.
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Cameron International Corp. has a market cap of $9.68 billion; its shares were traded at around $39.64 with a P/E ratio of 17.8 and P/S ratio of 1.9. Cameron International Corp. had an annual average earning growth of 20.9% over the past 10 years.CAM is in the portfolios of Sarah Ketterer of CAUSEWAY CAPITAL MANAGEMENT LLC, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, RS Investment Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The number of worldwide operating rigs declined during the early part of the second quarter of 2010 but recovered during the latter half of the quarter to nearly the same level as at the beginning of the period as stronger activity levels in the U.S. and the remainder of the world were more than offset by lower levels of operating rigs in the Canadian market as a result of seasonal factors. Crude prices declined during the second quarter of 2010 from an average of $78.84 per barrel during the first quarter of 2010 to an average of $77.88 per barrel during the second quarter of 2010. Natural gas prices (Henry Hub) trended upward during the quarter from the beginning of the period through June 30, 2010 but on average declined from an average price of $5.09 per MMBtu during the first quarter of 2010.During the second quarter of 2009, the number of operating rigs in the U.S., Canada and the remainder of the world was in the latter stages of a steep decline that began in the fourth quarter of 2008. However, both crude oil (West Texas Intermediate, Cushing, OK) and natural gas (Henry Hub) prices were increasing during the second quarter of 2009, with crude oil prices rising from an average of $43.18 per barrel during the first quarter of 2009 to $59.69 per barrel during the second quarter of 2009. Natural gas prices were more volatile during the second quarter of 2009 but ultimately on average were down from an average price of $4.55 per MMBtu in the first quarter of 2009 to $3.71 per MMBtu in the second quarter of 2009.
Selling and administrative expenses increased $22.1 million, or 12.1%, during the three months ended June 30, 2010 as compared to the three months ended June 30, 2009, due mainly to approximately $20.8 million of incremental costs added from newly acquired businesses.
Interest expense decreased in the second quarter of 2010 as compared to the second quarter of 2009, due mainly to $2.0 million of benefit recognized in the second quarter of 2010 associated with the Company s interest rate swaps (see Note 14 of the Notes to Consolidated Condensed Financial Statements) and a $4.3 million accrual for interest recorded during the second quarter of 2009 related to an international contingency.
These increases were partially offset by a decrease of 0.8 percentage points in the ratio of selling and administrative expenses to revenues. Although nearly $13.1 million of costs were added as a result of newly acquired businesses, the increase in relation to revenues was offset by the absence of (i) a $7.5 million write-down related to a receivable associated with the 2006 sale of the Company s interest in its Iranian joint venture and (ii) a $5.0 million accrual related to bad debts, both of which were recorded in the second quarter of 2009.
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