McDermott Int'l (MDR) Tops Q1 EPS by 12c

McDermott Int'l (NYSE: MDR) reported Q1 EPS of $0.13, $0.12 better than the analyst estimate of $0.01. Revenue for the quarter came in at $729 million versus the consensus estimate of $687.39 million.

“McDermott saw a profitable and strategic start to 2017 and I am extremely pleased with our first quarter performance. Excellent project execution and customer alignment led to cost savings, better than anticipated closeouts and customer driven change orders, driving McDermott’s profitability. Over the past few years, we have worked to stabilize and optimize the business and are now taking long-term strategic steps to transform McDermott for sustainability and growth,” said David Dickson, President and Chief Executive Officer of McDermott. “During the first quarter, we signed a strategic Memorandum of Understanding (“MOU”) with Saudi Aramco for a land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, which we believe strengthens our leadership position in the Middle East. We announced the strategic acquisition and sale leaseback of the Amazon vessel to build our ultradeepwater capabilities when upgraded as planned; and we also began implementation of a first-of-its-kind project lifecycle management software platform that will leverage data and analytics to improve efficiency and productivity and create a digital twin to mirror the as-built physical state with a living, up-to-date 3D model. This new technology will position McDermott as a valued partner for our customers from concept to decommissioning. Additionally, with continued focus on our Taking the Lead quality and safety culture, we achieved an outstanding full year LTI-free as a company. While there were limited material contracts awarded in our market during the quarter, we still see a solid revenue pipeline, and these strategic investments help position McDermott for continued success as the market recovers.”

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

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