And please note that except to the extent required by applicable law, McDermott undertakes no obligation to update any forward-looking statement. Let me now turn the call over to Steve Johnson, McDermott's Chairman, President and CEO, for his remarks on our fourth quarter results, the full year and his views on the business and operational environment.
Stephen M. Johnson
Thanks, Jay, and good morning, everyone. To state the obvious, our fourth quarter was disappointing. The Atlantic projects in Mexico and Brazil, that also impacted our third quarter, offset otherwise good performance on the rest of our project portfolio. My objective this morning is to provide an overview of the quarter, the challenges we faced on the lost projects and probably more importantly, our outlook for the coming year. There's an important positive to this story. We don't anticipate full year 2012 to look like the second half of 2011. With the loss projects, we have one advantage with the fourth quarter results and the later reporting cycle, in that we are able to reflect the actual experience we had on these projects during January and February of 2012 into yesterday's reported financial statements.
Also, in our press release yesterday, we indicated that at this time, we view the current range of analyst estimates as reasonable book-ends for your expectations of McDermott this year. Our plan is right in that range and we believe it's achievable. For your modeling, we expect the first quarter to be the low point of 2012, with the improvement to come in subsequent periods. But before getting too far ahead, let me return my comments to a review of yesterday's news. I'll let Perry cover the financials and the details thereof shortly. But as pointed out, we had a number of items going both ways in the fourth quarter.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV