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McDermott International Inc. (NYSE:MDR) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.52%.
McDermott International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 325% to $0.17 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Rose 22.03% to $995.95 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: McDermott International Inc. reported adjusted EPS income of $0.17 per share. By that measure, the company missed the mean analyst estimate of $0.23. It beat the average revenue estimate of $981.49 million.
Quoting Management: “There were a number of positives during the quarter as fourth quarter bookings, combined with awards received in the first quarter 2013, maintained a strong backlog and improved revenue visibility for the coming year,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “We expect to recognize $2.6 billion in revenue in 2013 from our existing backlog and recent awards. With this revenue, combined with additional short-term work that we typically accrue throughout the year, we expect to see total revenues in the range of $3 billion in 2013. With increased bidding activity and the company’s continued balance sheet strength, we believe McDermott is well positioned to meet the growing customer demand in each of our market segments.”
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