UPDATE 1-Cameron 4th-qtr net rises, but outlook disappoints

(Adds details on results, outlook)

NEW YORK, Jan 31 (Reuters) - Oil services company Cameron International Corp (CAM.N) reported higher fourth-quarter earnings on Thursday, boosted by strong demand from its oil and gas producer customers, but its shares fell 7 percent on a weaker-than-expected outlook.

Net income rose to $125.9 million, or 54 cents per share, from $96.5 million, or 42 cents per share, in the year-ago quarter.

Excluding items, the company posted earnings of 61 cents a share, a penny above Wall Street's expectations and well above year-ago earnings of 47 cents a share.

Quarterly revenue rose 25 percent to $1.34 billion, spurred by strong revenue growth from its drilling and production systems business.

However, the company's first-quarter and full year 2008 outlook fell short of analysts' expectations and shares of the company fell $3.06 in pre-market trade to $40.

The Houston-based company forecast first-quarter earnings of about 50 cents to 53 cents a share and full year 2008 earnings of $2.45 to $2.55 a share.

Analysts, on average, have forecast first-quarter earnings of 59 cents a share and full year 2008 earnings of $2.63 a share, according to Reuters Estimates. (Reporting by Euan Rocha and Matt Daily; editing by John Wallace and Dave Zimmerman)