McDermott International Revenue Falls, Misses Estimates (MDR)

Houston, Texas based engineering and construction company company McDermott International, Inc.

released financial results on Monday after the market closed. McDermott International, Inc reported 3rd quarter net income from continuing operations of 26 cents per share. Excluding special items, the company reported net income from continuing operations of 44 cents per share. The company's revenue fell to $732.1 million, down from $1.01 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 28 cents per share, on revenue of $798.93 million. President and chief executive officer Stephen M. Johnson said, “McDermott's operating performance in the third quarter of 2010 was outstanding, although somewhat muted by the non-cash impairment charges. New awards during the three month period ended September 30, 2010 were light. However, we are pleased to report that in the month of October 2010, McDermott recognized bookings of approximately $1.2 billion. As such, we believe the market we serve continues to be robust and that the outlook for our business remains strong, particularly in the Middle East and Asia Pacific segments.” McDermott International, Inc. (

) finished the trading day at $15.97 per share. The consensus price target of analysts covering the company's stock is $18.00 per share. Read more