UPDATE 2-Cameron profit slips, trims forecast; shares down

Thu Apr 28, 2011 10:35am EDT

* Adj Q1 EPS 63 cents vs 55 cents expected by Wall St

* Revenue up 11 pct at $1.5 bln, short of estimates

* Trims full-year forecast

* Shares down 3.3 pct (Adds CEO comment, share price, expectations)

NEW YORK/SAN FRANCISCO, April 28 (Reuters) - U.S. oilfield equipment and services company Cameron International Corp (CAM.N) posted a lower quarterly profit and trimmed its full-year forecast on Thursday due to the costs of the Libya conflict and delays to a Nigerian project.

Shares of Cameron fell 3.3 percent to $52.66 in morning trading on the New York Stock Exchange.

Chief Executive Jack Moore said pricing in subsea projects was tough at the moment, but he saw opportunities over the next 18 months in West Africa, Australia, and the Mediterranean, and he expected the Gulf of Mexico to get "back on track."

"Until we get a number of these projects awarded, I don't think you're going to see pricing firm up," Moore told analysts on a conference call. "All of us are going to have to be pretty disciplined around going after things that just don't make sense from a price standpoint."

On Tuesday, subsea rival FMC Technologies Inc (FTI.N) reported a quarterly profit that fell short of Wall Street estimates. [ID:nN14110198]

Cameron said its first-quarter net income fell to $109.5 million, or 43 cents per share, from $120.4 million, or 48 cents per share, a year before.

Excluding items, the company earned 63 cents per share, at the low end of its original estimates for the quarter and compared with an average analyst estimate of 55 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $1.5 billion, compared with the average analyst estimate of $1.6 billion.

Cameron warned last month that it would take charges of 17 cents per share related to higher costs and delays at the Nigerian project and government sanctions in Libya. Those charges prompted the company to cut its 2011 earnings forecast to a range of $2.50 to $2.60 per share, compared with earlier expectations of $2.65 to $2.75. (Reporting by Matt Daily in New York and Braden Reddall in San Francisco, editing by Gerald E. McCormick)

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