McDermott (MDR) Tops Q2 EPS by 7c, Revenues Miss

McDermott (NYSE: MDR) reported Q2 EPS of $0.29, $0.07 better than the analyst estimate of $0.22. Revenue for the quarter came in at $1.74 billion versus the consensus estimate of $1.95 billion.

Solid Outlook

"Our healthy revenue opportunity pipeline reflects our competitive differentiation and the breadth of our offering. It is supported by improving outlooks in the offshore, LNG and petrochemical markets where we continue to position ourselves for long-term growth as evidenced by today's announcement of the planned upgrade to the Amazon vessel, enabling us to execute ultra-deepwater projects. We remain confident in the fundamental soundness of the acquired backlog. Our project portfolio as a whole is being executed efficiently and progressing well, specifically through implementation of the One McDermott Way, which has been a proven contributor to our success in recent years. Today we also announced our initial guidance as a combined Company for the second half of 2018, which we believe demonstrates the strategic rationale of the combination," said Dickson.

For earnings history and earnings-related data on McDermott (MDR) click here.

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