McDermott Profit Takes Off, Ups Guidance by 11 Cents

Houston-based McDermott posted quarterly profit of $94.7 million, or 33 cents per fully diluted share, compared to $16.1 million profit, or 7 cents per fully diluted share in the third quarter 2016.

This result beats analysts predictions by 14 cents.

The company had no adjustments, compared to an adjusted net income of $25.8 million, or $0.09 per adjusted fully diluted share, in the prior-year third quarter.

For the nine months ended September 30, 2017, McDermott booked net income of $153 million, versus $34.6 million for the nine months of 2016.

In the third quarter of 2017, McDermott generated revenues of $958 million, up from $558 million in the corresponding period in 2016. Nine months 2017 revenues came at $2.26 billion, some $272 million more from the same time last year.

According to the company, revenue increase was mainly associated with Saudi Aramco and Inpex projects.

Order intake in the first quarter totaled $89 million. As of September 30, 2017, McDermott’s backlog was $2.4 billion ($3.9 billion in Q3 2016), of which approximately 85 percent is related to offshore operations and approximately 15 percent is related to subsea operations.

Guidane for full-year 2017 has been updated where McDermott said it expects revenues at some $3 billion, down from Q2 estimates of $3.2 billion, but also said it now predicts earnings per share of approximately 53 cents, up 11 cents from Q2 estimates.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Underwater Intervention 2018

UI 2018 will draw the industry’s leaders from across the country and around the globe to gather for 3 days of networking…

read more >

OFFSHORE DECOMMISSIONING CONFERENCE 2017

The conference will build upon previous sell-out events and will encompass numerous keynote sessions all focused on the latest decommissioning…

read more >

Subsea Connect Americas

Subsea Connect Americas is the annual gathering for the submarine communications industry operating in North, South & Central America…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >