* 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 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
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)