- McDermott International Inc (MDR), an engineering and construction company, said on Monday it expects first-quarter profit to fall below Wall Street estimates, partly due to bad weather affecting offshore oil and gas operations.
- The company said net income will be in the range of 50 cents to 54 cents per share, with revenue of $1.415 billion to $1.46 billion
- Analysts on average currently expect earnings of 69 cents per share and revenue of $1.58 billion, according to Reuters Estimates. McDermott will issue its actual first-quarter results on May 12.
- The Houston-based company said that during the first quarter, over half its planned offshore working days for major construction vessels were unproductive, primarily due to harsh weather in parts of the Asia-Pacific and Middle East regions. As a result, McDermott's results are anticipated to include an approximate $20 million period expense and the deferral of unrecognized project revenue and income to future periods.
- But the company's Power Generation Systems segment is expected to report strong results in the first quarter, with segment income expected to increase approximately 60 percent over the first quarter of 2007. Improved performance on existing power contracts and an active service and replacement parts business, in addition to an approximate $10 million gain on an asset sale, are the key drivers to this expected performance, the company said.
- The Government Operations segment is expected to report its highest ever level of quarterly segment income. Efficiency improvements and timing benefits in the manufacture of nuclear components for certain U.S. Government programs, and strong performance from site management activity, are major items contributing to the expected year-over-year growth.
- McDermott expects that consolidated first-quarter 2008 backlog will increase approximately $350 million from year-end and over $2.2 billion from a year ago, to a record level of approximately $10.2 billion.
Tuesday, April 29, 2008
McDermott (MDR) Issues Warning
Posted by
TraderMark
at
10:27 AM
TweetThis
TweetThis
This infrastructure company has been a bit of disappointment, falling short on 2 separate occasions since last August. Today, is the 2nd occurrence. We've been fortunate so far this earnings season with no big blowups in the fund, which just by probability is bound to happen. The stock is down but not too bad. However, this practice of continuously not meeting Street expectations has to make me consider removing the name in the future. Of course it's the "weather's" fault.
Posted by
TraderMark
at
10:27 AM
McDermott (MDR) Issues Warning
2008-04-29T10:27:00-04:00
TraderMark
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McDermott (MDR) Issues Warning
2008-04-29T10:27:00-04:00
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