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McDermott: 1Q Earnings Snapshot

HOUSTON (AP) _ McDermott International Inc. (MDR) on Monday reported a first-quarter loss of $56 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Houston-based company said it had a loss of 39 cents. Earnings, adjusted for restructuring costs and non-recurring costs, were 2 cents per share.

The maker of offshore drilling platforms posted revenue of $2.21 billion in the period.

McDermott expects full-year earnings to be $1.65 per share, with revenue expected to be $10 billion.

McDermott shares have risen 46% since the beginning of the year. The stock has dropped 54% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MDR at https://www.zacks.com/ap/MDR