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McDermott (MDR) Q4 Earnings and Revenues Beat Estimates
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Offshore oil and gas-focused engineering and construction firm, McDermott International Inc. reported earnings of 2 cents per share in fourth-quarter 2016, which compared favorably with the Zacks Consensus Estimate of a loss of a penny. Improved execution of projects and operational profitability led to the outperformance. The bottom line deteriorated from the year-ago quarter’s earnings.
McDermott generated revenues of about $642 million in the quarter down from $667 million in the prior-year quarter. The top line, however, came in above the Zacks Consensus Estimate of $616 million.
Total Expenses
Total costs and expenses decreased 15.7% from $2,957.6 million in the year-ago quarter to about $2,493.7 million.
Backlog
At the end of the fourth quarter, McDermott had a backlog of $4,312.9 million compared with $4,231.4 million a year ago. While 84% of the total backlog is related to offshore operations, the remaining 16% pertains to subsea operations.
Balance Sheet
Capital expenditure for McDermott was about $30.7 million during the quarter.
McDermott International, Inc. Price, Consensus and EPS Surprise
As of Dec 31, 2016, the company had cash and cash equivalents of $595.9 million and long-term debt of approximately $704.4 million. This represents a debt-to-capitalization ratio of about 30.6%.
Recent News
On Feb 21, 2017, McDermott announced the acquisition of a newly built pipelay and construction vessel named Amazon. This acquisition is expected to improve the standing of the company for future ultradeepwater and SURF projects.
Zacks Rank and Key Picks
Houston, TX-based McDermott currently carries a Zacks Rank #2 (Buy).
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
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McDermott (MDR) Q4 Earnings and Revenues Beat Estimates
Offshore oil and gas-focused engineering and construction firm, McDermott International Inc. reported earnings of 2 cents per share in fourth-quarter 2016, which compared favorably with the Zacks Consensus Estimate of a loss of a penny. Improved execution of projects and operational profitability led to the outperformance. The bottom line deteriorated from the year-ago quarter’s earnings.
McDermott generated revenues of about $642 million in the quarter down from $667 million in the prior-year quarter. The top line, however, came in above the Zacks Consensus Estimate of $616 million.
Total Expenses
Total costs and expenses decreased 15.7% from $2,957.6 million in the year-ago quarter to about $2,493.7 million.
Backlog
At the end of the fourth quarter, McDermott had a backlog of $4,312.9 million compared with $4,231.4 million a year ago. While 84% of the total backlog is related to offshore operations, the remaining 16% pertains to subsea operations.
Balance Sheet
Capital expenditure for McDermott was about $30.7 million during the quarter.
McDermott International, Inc. Price, Consensus and EPS Surprise
McDermott International, Inc. Price, Consensus and EPS Surprise | McDermott International, Inc. Quote
As of Dec 31, 2016, the company had cash and cash equivalents of $595.9 million and long-term debt of approximately $704.4 million. This represents a debt-to-capitalization ratio of about 30.6%.
Recent News
On Feb 21, 2017, McDermott announced the acquisition of a newly built pipelay and construction vessel named Amazon. This acquisition is expected to improve the standing of the company for future ultradeepwater and SURF projects.
Zacks Rank and Key Picks
Houston, TX-based McDermott currently carries a Zacks Rank #2 (Buy).
Other well-ranked players from the broader energy sector include Sunrun Inc. (RUN - Free Report) , Delek Logistics Partners, L.P. (DKL - Free Report) and Ultra Petroleum Corp. . 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, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>