McDermott misses by $0.02, misses on revs; reaffirms FY17 EPS guidance, revs guidance :
- Reports Q2 (Jun) earnings of $0.13 per share, $0.02 worse than the Capital IQ Consensus of $0.15; revenues rose 11.5% year/year to $788.2 mln vs the $856.54 mln Capital IQ Consensus.
- Co reaffirms guidance for FY17, sees EPS of ~$0.42 vs. $0.41 Capital IQ Consensus Estimate; sees FY17 revs of ~$3.2 bln vs. $3.19 bln Capital IQ Consensus Estimate.
- As of June 30, 2017, the Company's backlog was $3.3 billion, compared to $3.9 billion at March 31, 2017. Of the June 30, 2017 backlog, approximately 85% was related to offshore operations and approximately 15% was related to subsea operations.
- Order intake in the second quarter of 2017 totaled $188 million, resulting in a book-to-bill ratio of 0.2x.
- At June 30, 2017, the Company had bids and change orders outstanding and identified target projects of approximately $1.4 billion and $15.4 billion, respectively, in its pipeline that we expect will be awarded in the market through September 30, 2018.
- In total, the Company's potential revenue pipeline, including backlog, was $20.1 billion as of June 30, 2017.
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