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

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

McDermott Reports Second Quarter 2018 Financial and Operational Results

July 31, 2018 4:15 PM EDT

HOUSTON, July 31, 2018 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) ("McDermott" or the "Company") today reported revenue of $1.7 billion and net income of $47 million, or $0.33 per diluted share, for the second quarter of 2018. Results reflect solid execution and a tax benefit of $117 million related to an internal transfer of certain intellectual property rights, offset by $138 million of transaction costs, costs to achieve our Combination Profitability Initiative (CPI), debt extinguishment costs, and intangibles amortization.

Excluding the tax benefit and charges identified above, McDermott's adjusted net income for the second quarter was $59 million,... More