McDermott (MDR) Reports Q3 Loss of $1.80/Share

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Go back to McDermott (MDR) Reports Q3 Loss of $1.80/Share

McDermott Reports Third Quarter 2019 Results

November 4, 2019 4:15 PM EST

HOUSTON, Nov. 4, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today reported revenues of $2.1 billion, a net loss of $1.9 billion, or $(10.37) per diluted share, and an operating loss of $1.7 billion for the third quarter of 2019.  The net loss was due primarily to non-cash accounting charges of  $1.5 billion related to impairments of goodwill and intangible assets and $256 million of changes in project gross profit on specified projects identified in a covenant of our new Superpriority Credit Agreement.  

Operationally, four of our five operating segments reported solid performance during the third... More