Red Ink Flows for McDermott

McDermott has reported quarterly loss of $146 million, or 80 cents per diluted share, compared to profit of $47 million, or 33 cents per diluted share in the second quarter of 2018.

This marks a hat-trick of losses for the Houston-based company.

Excluding charges, the adjusted loss for the second quarter of 2019 was $14 million, or 7 cents per diluted share.

Sequentially, the net loss narrowed from $193 million, or $1.13 per diluted share.

The company posted Q2 2019 revenues of $2.1 billion, compared to revenues of $1.7 billion for the prior-year Q2. Quarter-over-quarter revenues decreased from $2.2 billion.

For the first six months of 2019, Mcdermott recognized net loss of $216 million on revenues of $4.4 billion, against net profit of $82 million on revenues of $2.3 billion.

Mcdermott reported revenue pipeline comprised of backlog of $20.5 billion, bids and change orders outstanding of $15.6 billion and target projects of $54 billion.

For the year 2019, McDermott updated its guidance with revenue expected to be approximately $9.5 billion and net loss around $310 million.

Subsea World News Staff