McDermott Raises Earnings Expectations

Houston-based McDermott has again increased its full-year 2017 earnings expectations ahead of last year’s final quarter financial report. 

Guidance for the full-year 2017 has been updated where McDermott said it expects earnings per share between 60 and 63 cents, with revenues at some $3 billion.

“The 2017 full-year guidance is being increased from the guidance included in McDermott’s third quarter 2017 earnings release issued on November 1, 2017, due to strong operational performance, cost savings and better than anticipated weather and change orders during the fourth quarter of 2017,” the company said.

At the end of Q3 2017, guidance was set at approximately 53 cents, up 11 cents from Q2 estimates.

The company also released its 2018 guidance, expecting diluted EPS up to $52 cents on revenues up to $3.3 billion.

To remind, for the nine months ended September 30, 2017, McDermott booked net income of $153 million on revenues of $2.26 billion.

Subsea World News Staff

 

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