Cameron has announced fully diluted earnings per share, excluding discontinued operations and other costs, of US$0.83 for 2Q15, compared to US$0.95 for the corresponding period of 2014.
Cameron’s consolidated orders increased 15% on a sequential-quarter basis from the first to the second quarter of 2015. Subsea processing technology continued to gain traction during 2Q. The segment recorded a front-end engineering and design contract for a proposed floating LNG (FLNG) development offshore northwest Australia.
The company ended the quarter with cash, cash equivalents and short-term investments totalling US$1.7 billion and a net debt to total capital ratio of 17%. Cameron's capital expenditures totalled US$41 million in 2Q15, compared to US$73 million in 2Q14.
Cameron’s Chairman and Chief Executive Officer, Jack B. Moore, said: "The company reported solid earnings and orders despite challenging market conditions. Our financial results reflected outstanding execution across the enterprise when compared to the year ago quarter, driven by our subsea and drilling segments and a 16% decline in our SG&A expense."
Moore continued: "Although the industry downturn continues to pose many challenges, we believe the pace of the decline in customer spending has begun to moderate. In this environment, we remain focused on the things we can control: the ongoing systemic reduction in our cost structure, execution, customer relationships and technology advancement. We believe this focus will ensure that the company generates long-term value for our stakeholders."
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24072015/cameron-reports-2q15-results-1061/