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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Enterprise Contracts to Boost U.S. Crude Exports

Enterprise bumps up exports through annual contracts; signs 2015 contracts with PDS, Vitol; seeks one more term buyer. U.S. exports of condensate have been given

Tighter Supertanker Market Impacts Asian Fuel Supplies

The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs,

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

Maritime Security

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

Panama Flag Approval for Seagull

Seagull Maritime has become the first overseas company to secure training centre approval from the Panama Maritime Authority following the PMA’s 2014 change of leadership.

China Warns India, US on Regional Conflict

There is no need for India and the United States to have concerns on navigation and over flight over the disputed South China Sea, says China. "The situation in

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.4126 sec (2 req/sec)