Both McDermott (MDR) and Fluor (FLR) post great earnings

While I do not hold FLR, I have a basket of 'global infrastructure' stocks and FLR is a bellweather. Both FLR and MDR reported some impressive earnings tonight after the close. I don't see this changing anytime soon as this cohort of global engineering companies are benefiting from the industrialization and modernization of much of the world (esp. Asia)

FLR
sales up 22% YoY to $4.2 Bil
Earnings $1.05 ($96 million) versus $0.74 ($67 million) a year ago

Analysts looking for $3.8 Bil rev and $0.95 EPS

Full year guidance raised from $3.50-$3.80 to $4.00-$4.20
Analyst range was $3.70-$4.20 with consensus $3.98

MDR
sales up 35% YoY to $1.4 Bil
Earnings $1.31 ($149 million) versus $0.41 ($47 million) a year ago

Analysts looking for $1.39 Bil rev and $0.94 EPS

And a 2 for 1 split to boot; what an earnings report!

I think the $4.33 analyst estimate for 2007 is safely 'wrong' :)

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On the obviously wrong full year guidance of 2007 estimates FLR trades at 29x and MDR 20x

I will be loading up on MDR tomorrow morning
Thur far only have a smallish position of 75 shares @ $80.97 ($6.1K)

Foster Wheeler (FWLT) reports tomorrow; expect more of the same

No position