McDermott International Announces 3Q Results

Thursday, November 08, 2007
McDermott International, Inc. (NYSE:MDR) reported net income of $140.4m, or $0.61 per diluted share, for the 2007 third quarter, compared to net income of $102.7m, or $0.45 per diluted share, for the corresponding period in 2006. Weighted average common shares outstanding on a fully diluted basis were approximately 228.9 million and 228.3 million in the quarters ended September 30, 2007 and September 30, 2006, respectively. For 2006, the Company's common shares outstanding and earnings per share are adjusted to reflect the 2-for-1 stock split effected in September 2007. McDermott's revenues in the third quarter of 2007 were $1,324.0m, compared to $1,118.3m in the corresponding period in 2006. The 18.4 percent growth in Company revenues, compared to a year ago, was led by the Offshore Oil & Gas Construction segment which increased $142m, or 32.3 percent. The revenues in the Power Generation Systems and Government Operations segments increased 6.2 percent and 20.3 percent, respectively. Operating income was $155.2m in the 2007 third quarter, a 25.0 percent improvement compared to $124.1m in the 2006 third quarter. The increase in operating income is attributable to continued exceptional performance within the Offshore Oil & Gas Construction segment combined with improved results from the Power Generation Systems segment. At September 30, 2007, McDermott's consolidated backlog was $9.3b, compared to $8.6b at September 30, 2006 and $8.9b at June 30, 2007.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

Deadliest Weekend Ever in the Mediterranean: UNHCR

More than 700 people fleeing Africa and the Middle East may have drowned in shipwrecks in the Mediterranean over the last week, bringing the death toll this year to almost 3,

Maritime Security

Video: Former Captives Discuss Iceberg 1 Hijacking

Piracy: Not a Thing of the Past Think Somali piracy is a thing of the past? That “past” haunts thousands of seafarers today; but the reports from individual seafarers mostly go unnoticed,

Haze and Reduced Visibility at Singapore Ports

Due to the presence of haze, the Maritime & Port Authority of Singapore Port Marine in their Notice No.113 of 2014 dated 15 September 2014 have informed the

USCG Respond to Grounded Vessel near Pleasant Harbor, Washington

The Coast Guard and Washington State Department of Ecology are responding to a report a of 65-foot pleasure craft aground near Pleasant Harbor in Brinnon, Washington, Sunday morning.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1315 sec (8 req/sec)