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

All Set for the Long Beach Arts Month

A gala reception Saturday, Oct. 4, will kick off a month-long art exhibition showcasing the Port of Long Beach in images captured by professional and amateur photographers.

MOL Restructures Asia to S. Africa Service

Mitsui O.S.K. Lines, Ltd. (MOL) announced the restructuring of its existing Asia to South Africa liner services into two direct loops. One service will call South China,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Maritime Security

USCG Cutter Rush Returns

The crew of Coast Guard Cutter Rush returned to its homeport following a successful 72-day deployment in the Central and Western Pacific, Monday. Rush departed

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

New Semi-self-righting Lifeboat for KNRM

On September 20, on KNRM station Texel a new lifeboat named Cornelis Dito type Fast Rescue Craft 903 - Twin was taken into service by the Royal Netherlands Lifeboat Organization (KNRM).

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1211 sec (8 req/sec)