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McDermott Reports Second Quarter 2012 Financial Results

Stocks in this article: MDR

McDermott International, Inc. (NYSE: MDR) (“McDermott” or the “Company”) today reported income from continuing operations of $52.7 million, or $0.22 per diluted share, for the 2012 second quarter. The results of the 2012 second quarter compare to income from continuing operations of $63.7 million, or $0.27 per diluted share, in the corresponding period of 2011. Classified as discontinued operations, the results of McDermott’s former charter fleet business, which was sold in March 2012, are excluded from the periods presented. Weighted average common shares outstanding on a fully diluted basis were approximately 237.5 million in the quarters ended June 30, 2012 and June 30, 2011.

McDermott’s revenues were $889.2 million for the 2012 second quarter compared to $849.8 million in the corresponding period of 2011. The year-over-year increase was attributable to the Middle East and Atlantic segments, primarily due to increased fabrication and marine activity. The increase from these segments was partially offset by lower revenues in the Asia Pacific segment due to lower marine activity.

The Company’s operating income in the 2012 second quarter was $79.4 million compared to $83.8 million in the 2011 second quarter. Increased operating income in the Middle East segment and improved results in the Atlantic segment were more than offset by the decline in the Asia Pacific segment, attributable to lower marine activity.

“We are pleased with the results of our 2012 second quarter which keeps us on pace for the year,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “Both the Middle East and Asia Pacific segments reported solid operating results in the 2012 second quarter, with each providing over $46 million in operating income. As anticipated, the Atlantic segment reported an operating loss; however, its 2012 second quarter level was an improvement as compared to the 2011 second quarter. McDermott is in a solid financial position, with a strong balance sheet and a solid backlog of work, and we believe our growth strategy is well designed for the markets we serve.”

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