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 third 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.

Guidance 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

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