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Wednesday, November 1, 2017

=McDermott (MDR) reported earnings on Wed 1 Nov 2017 (b/o)

  • Oct. 26:  #97, vol. 2.8 M  -->  +12%

McDermott beats by $0.11, misses on revs; raises FY17 EPS above consensus, lowers revs below consensus 
  • Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $0.22; revenues rose 71.6% year/year to $958.5 mln vs the $977.28 mln Capital IQ Consensus.
  • Co issues mixed guidance for FY17, sees EPS of ~$0.53 (prior: ~$0.42) vs. $0.42 Capital IQ Consensus Estimate; sees FY17 revs of ~$3.0 bln (prior: ~$3.2 bln) vs. $3.16 bln Capital IQ Consensus Estimate.
  • "I am extremely pleased to announce our exceptional third quarter results. The One McDermott Way continues to drive excellence in project execution throughout the company and led to increasing profitability in the third quarter. This quarter, we had many operational accomplishments, including: near completion of the largest subsea project in the world, Inpex Ichthys, with successful completion of the mooring and hook-up of the FPSO facility and installation of the flexible risers; significant progress on the Pemex Abkatun-A2 and BP Angelin projects in our Altamira facility; and a flawless dual lift with the DB 27 and DB 30 on the Marjan power system project," said David Dickson, President and Chief Executive Officer of McDermott. "We also recently announced two letters of award; a significant award in the Middle East, demonstrating our operational expertise and strong relationships in the area, and an award for KG-D6, a significant subsea installation project, from Reliance Industries in India, supporting our continued focus and growing presence in the country. This quarter, our company-wide focus on safety led us to surpass an impressive 60 million man-hours LTI-free as a company. We also continue to see a robust revenue opportunity pipeline throughout all three areas, with increased bidding opportunities and a growing level of FEED activity." 

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