McDermott used to be the #1 holding in the fund back last August, but only holds a minor position at this time; I'd like to see both divisions running on all cylinders. But expectations were quite low, so the company was able to beat estimates by a nickel. McDermott does not break out sales by region in the earnings report, but from memory quite a bit is outside the US.
- McDermott International, Inc. (MDR) today reported net income of $160.0 million, or $0.70 per diluted share, for the 2007 fourth quarter, compared to net income of $125.5 million, or $0.55 per diluted share, for the corresponding period in 2006.
- McDermott’s revenues in the fourth quarter of 2007 were $1,526.0 million, an increase of 16.7 percent compared to $1,308.0 million in the corresponding period in 2006. The $218 million improvement in Company revenues, compared to a year ago, was a result of the Offshore Oil & Gas Construction segment which increased revenues by approximately $257 million, or 54.1 percent.
- At December 31, 2007, McDermott’s consolidated backlog was $9.8 billion, compared to $7.6 billion and $9.3 billion at December 31, 2006 and September 30, 2007, respectively.
- Revenues in the Offshore Oil & Gas Construction segment were $733.3 million in the 2007 fourth quarter, compared to $475.9 million for the same period a year ago. The year-over-year increase in revenues resulted from a higher workload in worldwide marine activities, including revenues from Secunda International Limited whose assets were acquired in July 2007, and from increased activities within the Caspian, Middle East and Americas regions.
- Revenues in the Power Generation Systems segment for the fourth quarter 2007 were $608.0 million, compared to $676.8 million reported in the fourth quarter of 2006. The year-over-year reduction in revenues resulted from lower activities on new fossil utility steam systems and retrofits of existing facilities compared to a year ago, partially offset by higher levels of replacement parts and increased activity on nuclear steam generators.
4 comments:
OT: Believe you have been waiting for this.
"DB 116.29, +0.41, +0.4%) said it will launch on Thursday a trio of exchange-traded notes linked to gold prices. DB Gold Double Short ETN, DB Gold Double Long ETN and DB Gold Short ETN will trade on the NYSE Arca under the tickers DZZ, DGP and DGZ, respectively. "The ETNs will be the first to offer investors short or leveraged exposure to gold," Deutsche Bank said in a press release. ETNs are debt securities that have similarities to exchange-traded funds, or ETFs. "
Hate ETN's. In my due diligence they don't own a dang thing and believe they use derivative exposure to mimic the basket you are investing in. I have issues with the GLD ETF as well though at least they own physical even if no one has audited it.
I would stay away from ETN's, unless of course you can be the first one out the door if problems arise.
Thanks for the heads up, I hope they come out with the Double Soybeans soon too ;)
I don't look at any of the double inverses as an investment. But a couple opf months observation should show if I can successfully trade it.
Post a Comment