McDermott Q1 Loss Narrows - Quick Facts

(RTTNews) - McDermott International, Inc. (MDR) reported a first quarter net loss of $14.5 million, or $0.06 per share including restructuring charges, compared to a net loss of $46.5 million, or $0.20 per share, in the prior-year quarter. The company noted that, net of restructuring charges, first quarter 2015 loss would have been reduced by $10.4 million or $0.04 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.08 for the quarter. Analysts' estimates typically exclude special items.

The Company's operating income was $6.6 million for the first quarter 2015 and included $10.4 million of restructuring expenses. These results compare to the prior-year period first quarter operating loss of $38.2 million, which included $6.1 million of restructuring expenses.

Revenues were $550.5 million, compared to $603.8 million for the prior-year first quarter. The company noted that its revenues for the first quarter 2015 were affected by weather and third-party performance delays on the INPEX project, as well as customer initiated changes on Middle East brownfield projects that impacted the timing of vessel mobilization. Analysts expected revenue of $759.10 million for the quarter.