What's good for the goose is good for the gander. So it is with subsea players FMC Technologies
Last week, I honked about FMC's unexpectedly strong results. Sure, margins were goosed a bit by some favorable one-off items, but that doesn't take away from the fact that the company was talking about record operating profits amid a lousy macro environment. Subsea services are just that swell.
That brings us to Cameron, which followed in FMC's webbed footsteps with a fine earnings report of its own. While incoming orders fell to just half their prior-year level of $1.8 billion, they weren't far off the first quarter numbers. As with FMC, Cameron reported strong execution and margins. As with FMC's earnings boost, Cameron got a leg up from a tax rate that is poised to head higher in the quarters ahead.
Perhaps more important was the outlook offered by Cameron, which echoed the positive sentiment expressed by its subsea peer. As is the case with rig outfitter National Oilwell Varco
Beyond Brazil, Cameron and other offshore players like Oceaneering
Given Cameron's subsea exposure, not to mention its pleasing pairing with NATCO Group
Fool contributor Toby Shute doesn't have a position in any company mentioned. Check out his CAPS profile or follow his articles using Twitter or RSS. The Motley Fool has a disclosure policy as comforting as a down pillow.