McDermott Swings To Q4 Loss

(RTTNews) - McDermott International, Inc. (MDR) reported a net loss for the fourth quarter of $324.0 million or $1.37 per share, compared to net income of $40.5 million or $0.17 per share for the year-ago quarter.

Fourth quarter revenues fell 48% to $517.34 million from $995.95 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.15 per share on revenue of $825.61 million for the fourth quarter.

The company said it was withdrawing prior financial guidance, and suspending guidance for the foreseeable future, while it is implementing its organizational changes and closing out legacy projects.