Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



McDermott Misses Big on Bottom Line

Energy industry EPCI (engineering, procurement, construction, and installation) specialist McDermott (NYSE: MDR  ) reported third-quarter results yesterday after the markets closed, showing that it posted revenues of $686.9 million, down 33% from the same period in the previous year, and well short of the $737.9 million Capital IQ consensus estimate.

While net losses came in at $64.1 million, or $0.27 per share, an almost 180-degree turn from the $50.6 million, or $0.21 per share profit in the same period in 2012, it was also $0.23-per-share worse than the CapIQ estimates of a $0.04-per-share loss.

McDermott says the reversal of fortunes from the year-ago period were the result of having completed several significant projects that had been active last year, but noted its Middle East segment returned to profitability this quarter.

The engineering, procurement, construction, and installation firm didn't provide earnings guidance for the coming quarter, but noted backlog stood at approximately $4.6 billion, compared to $5.1 billion at the end of the second quarter. Analysts anticipate McDermott will post earnings of $0.20 per share in the fourth quarter on revenues of $787.9 million.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2713344, ~/Articles/ArticleHandler.aspx, 9/29/2016 4:53:14 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,143.45 -195.79 -1.07%
S&P 500 2,151.13 -20.24 -0.93%
NASD 5,269.15 -49.39 -0.93%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/29/2016 4:04 PM
MDR $4.82 Up +0.01 +0.21%
McDermott Internat… CAPS Rating: ***