It's pretty clear that folks are expecting big things from engineering and construction firm McDermott International
Once again McDermott's results are complicated by the reintroduction of the power business. So while reported revenue more than doubled from last year, "apples to apples" growth was more like 10%. That's not to say that the company didn't produce real internal improvements. That like-for-like treatment still gives you roughly 59% operating income growth and 87% growth in the backlog.
Although the government business was a little sleepy this time out, the company's offshore construction and power business both look primed for more growth. Like Technip
On the power front, everyone seems pretty much up to speed on the basics. There are a bunch of new generation projects on the books (and McDermott got part of the TXU
Certainly the stock's move over the past couple of years from the dregs of infamy is an acknowledgement of this improved operating environment. And relative to other players in the space like Fluor, Chicago Bridge & Iron
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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).