McDermott Misses on Top and Bottom Lines (MDR)

McDermott International Inc.

reports Q2 EPS of $0.32 versus estimates of $0.43. McDermott International Inc. reports Q2 revenues of $1.33 billion versus estimates of $1.43 billion. "McDermott's performance in the second quarter of 2010 was an excellent beginning as the Company moves forward post-spin," said Stephen M. Johnson, President and Chief Executive Officer of McDermott. "During the quarter, we recognized about $720 million of new bookings, which grew backlog sequentially to $4.3 billion. The Company's operating margins for the quarter were exceptional at nearly 16% and the pro forma balance sheet provides a strong foundation to pursue growth. Our new leadership team is excited about our long-term prospects as an engineering and construction company exclusively focused on the offshore oil and gas industry." Shares of MDR have regained the flat-line in the after-hours after falling sharply.