Cameron International Corp. (NYSE:CAM) reported earnings lower than expected, as costs associated with the oil spill in the Gulf of Mexico, along with costs related to integrating an acquisition into the company weighed them down.
Earnings for the quarter were $129.2 million, or 52 cents a share, down from $138.6 million, or 62 cents a share last year in the same quarter.
The costs for the Gulf oil spill were for costs of the investigation and the severance costs also related to that.
Minus those charges, Cameron said earnings would have bee 58 cents a share.
Analysts had been looking for 54 cents a share after charges.
Revenue increased to $1.45 billion, gaining from $1.27 billion last year. That was also under the $1.47 billion estimated by analysts.
Full-year adjusted earnings are expected to reach from $2.30 and $2.35 a share, up from the prior guidance of $2.20 to $2.30 from Cameron.
The connection of Cameron to the Gulf accident was they made the blowout preventer which are created for the purpose of stopping oil leaks like the one from the Macondo Well.
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