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McDermott (MDR) Reports Earnings in Q3, Revenues Miss
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Offshore oil and gas-focused engineering and construction firm, McDermott International Inc. reported earnings of 9 cents per share in third-quarter 2016, which compared favorably with the Zacks Consensus Estimate of a loss of 6 cents. Improved execution of projects and operational profitability led to the outperformance. The bottom line was flat with the year-ago quarter earnings.
McDermott generated revenues of about $559 million in the quarter as against $806 million in the prior-year quarter. The top line also came in below the Zacks Consensus Estimate of $603 million.
Total Expenses
Total costs and expenses decreased 33.2% from $771.9 million in the year-ago quarter to about $515.5 million.
Backlog
At the end of the third quarter, McDermott had a backlog of $3,916.2 million as against $4,420.6 million a year ago. While 79% of the total backlog is related to offshore operations, the remaining 21% pertains to subsea operations.
Balance Sheet
Capital expenditure for McDermott was about $26.7 million during the quarter.
As of Sep 30, 2016, McDermott had cash and cash equivalents of $500.1 million and long-term debt of approximately $704.3 million. This represents a debt-to-capitalization ratio of about 30.6%.
Zacks Rank and Key Stock Picks
Houston, TX-based McDermott currently carries a Zacks Rank #2 (Buy).
Other well-ranked players from the broader energy sector include Enviva Partners, LP (EVA - Free Report) , Ultra Petroleum Corp. and CONE Midstream Partners LP . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Enviva Partners posted an average positive earnings surprise of 0.19%.
Ultra Petroleum, on the other hand, posted an average positive earnings surprise of 65.91% in the last four quarters.
In the current quarter, CONE Midstream Partners posted a positive earnings surprise of 19.38%.
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McDermott (MDR) Reports Earnings in Q3, Revenues Miss
Offshore oil and gas-focused engineering and construction firm, McDermott International Inc. reported earnings of 9 cents per share in third-quarter 2016, which compared favorably with the Zacks Consensus Estimate of a loss of 6 cents. Improved execution of projects and operational profitability led to the outperformance. The bottom line was flat with the year-ago quarter earnings.
McDermott generated revenues of about $559 million in the quarter as against $806 million in the prior-year quarter. The top line also came in below the Zacks Consensus Estimate of $603 million.
Total Expenses
Total costs and expenses decreased 33.2% from $771.9 million in the year-ago quarter to about $515.5 million.
Backlog
At the end of the third quarter, McDermott had a backlog of $3,916.2 million as against $4,420.6 million a year ago. While 79% of the total backlog is related to offshore operations, the remaining 21% pertains to subsea operations.
Balance Sheet
Capital expenditure for McDermott was about $26.7 million during the quarter.
MCDERMOTT INTL Price, Consensus and EPS Surprise
MCDERMOTT INTL Price, Consensus and EPS Surprise | MCDERMOTT INTL Quote
As of Sep 30, 2016, McDermott had cash and cash equivalents of $500.1 million and long-term debt of approximately $704.3 million. This represents a debt-to-capitalization ratio of about 30.6%.
Zacks Rank and Key Stock Picks
Houston, TX-based McDermott currently carries a Zacks Rank #2 (Buy).
Other well-ranked players from the broader energy sector include Enviva Partners, LP (EVA - Free Report) , Ultra Petroleum Corp. and CONE Midstream Partners LP . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Enviva Partners posted an average positive earnings surprise of 0.19%.
Ultra Petroleum, on the other hand, posted an average positive earnings surprise of 65.91% in the last four quarters.
In the current quarter, CONE Midstream Partners posted a positive earnings surprise of 19.38%.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>