McDermott Swings To Q2 Profit; Cuts FY15 Revenue Outlook

(RTTNews) - McDermott International, Inc. (MDR) reported second quarter net income of $11.5 million or $0.04 per share, compared to a net loss of $7.4 million or $0.03 per share for the year-ago quarter.

Net of restructuring charges and one-time losses on the impairment and disposal of assets, the second quarter income would have been increased by $24.1 million or $0.08 per share.

Second quarter revenues surged to $1.05 billion from $476.08 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share on revenue of $830.30 million for the second quarter. Analysts' estimates typically exclude special items.

As of June 30, 2015, the company's backlog was $3.1 billion, compared to $3.75 billion at March 31, 2015.

The company said it now expects full year 2015 revenue to be in the range of $3.0 billion to $3.3 billion, compared to its earlier guidance of $3.3 billion to $3.6 billion. Analysts currently expect the company to post revenue of $3.12 billion for the full year 2015.

Revenues for the year are anticipated to be slightly lower than original 2015 guidance because of the delays at Ichthys during the first quarter and customer initiated project schedule changes, the company said.