McDermott Reports 4Q 2006 Results

Friday, March 02, 2007
McDermott International, Inc. reported net income of $141m or $1.23 per diluted share, for the 2006 fourth quarter, compared to net income of $36.1 million, or $0.32 per diluted share, for the corresponding period in 2005. Weighted average common shares outstanding on a fully diluted basis were approximately 114.4 million and 112.3 million for the quarters ended December 31, 2006 and December 31, 2005, respectively. For 2005, the Company’s common shares outstanding and earnings per share are adjusted to reflect the 3-for-2 stock split effected in May 2006. McDermott’s revenues in the fourth quarter of 2006 were $1,308.0 million, compared to $395.9 million in the corresponding period in 2005. Operating income was $86.3 million in the 2006 fourth quarter, compared to $56.2 million in the 2005 fourth quarter. The increase in revenues and operating income is primarily attributable to the reconsolidation of The Babcock & Wilcox Company’s (“B&W”) financial results beginning in March 2006. In addition, operating income of the Offshore Oil & Gas Construction segment increased by over 30 percent compared to its fourth quarter of 2005. At December 31, 2006, McDermott’s consolidated backlog was $7.6 billion, compared to $3.6 billion at December 31, 2005 which excluded B&W and $8.6 billion at September 30, 2006. Consolidated backlog at December 31, 2006 excludes the amounts associated with the TXU boiler and SCR contracts, which the Company believes will no longer be fully realized.
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