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Cameron raises full-year profit guidance after strong 1Q

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May 1, 2008

HOUSTON—Oil and gas services company Cameron International Corp. raised its full-year profit guidance on Thursday, after reporting that first-quarter earnings jumped 25 percent.

Cameron now expects 2008 earnings per share in the $2.50 to $2.60 range, compared with earlier guidance of $2.45 to $2.55 per share.

Analysts surveyed by Thomson Financial, on average, forecast 2008 earnings of $2.56 per share.

Cameron attributed the increased outlook to recent strength in orders and customer spending expectations.

For the second quarter, Cameron predicted earnings in the range of 60 cents to 62 cents per share, compared with analysts' average forecast of 62 cents per share.

On Thursday, Cameron said first-quarter earnings growth was driven by demand for drilling systems, subsea systems and engineered valves.

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