[thackney]

Cameron profit falls by one-third
http://fuelfix.com/blog/2015/07/23/cameron-profit-falls-by-one-third/#33445101=0

Oil service firm Cameron said Thursday a downturn in drilling ate into its second-quarter profits.

Houston-based Cameron, which provides equipment to offshore producers, reported a net income for the three months ending June 30 of $155 million, down from $233 million in the same period last year. Revenues fell to $2.2 billion from $2.5 billion.

In its earnings release, the company said that orders were on the rise from the first quarter of 2015.

“We believe the pace of the decline in customer spending has begun to moderate,” said Cameron CEO and Chairman Jack Moore.

But the company said it would remain on the defensive. Cameron reported a $13 million facility closing and severance charge on the quarter.

“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,” Moore said in a statement.

Cameron will host a conference call to discuss the quarters results at 8:30 a.m.

[Red Badger]

But the economy is booming, or so says the Obozo minions..................

[Rodamala]

The company’s North American sales fell the most, dropping 51 percent to $808 million. Its Middle Eastern revenue declined 11 percent to $516 million; Latin American sales fell 11 percent to $463 million; European and Russian sales declined 25 percent to $418 million.

No worries, fellas... Iranian sales are about to skyrocket.