McDermott Turns To Profit In Q1; Raises FY17 Earnings Outlook - Quick Facts

(RTTNews) - McDermott International Inc. (MDR) reported a turnaround to profit in the first quarter despite lower revenues. Looking ahead, the company raised its earnings outlook for fiscal 2017.

The company's net income for the first quarter was $21.9 million or $0.08 per share, compared to net loss of $2.2 million or $0.01 per share in the year-ago period. The prior-year period results included restructuring charges of $6.4 million and impairment charges of $32.3 million.

However, adjusted earnings per share for the latest quarter were $0.08, compared to $0.13 per share in the prior-year period.

Revenues for the quarter declined to $519.4 million from $729.0 million in the prior-year quarter. On average, analysts polled by Thomson Reuters expected the company to report revenues of $687.39 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2017, McDermott raised its outlook for net income to $120 million or $0.42 per share from the prior forecast of about $80 million or $0.29 per share. The company affirmed its outlook for full-year revenue of $3.2 billion.

The Street expects earnings of $0.3 per share on revenues of $3.17 billion.