McDermott Int’l (MDR) Stock Soars in After-Hours Trading on Earnings Beat
NEW YORK (TheStreet) -- McDermott International (MDR) - Get Report stock is advancing by 9.52% to $5.75 in after-hours trading on Monday, after the company reported earnings and revenue that exceeded analysts' estimates for the 2015 third quarter.
The oil service company reported earnings of 9 cents per diluted share on revenue of $805.86 million for the quarter ended September 30.
Analysts had estimated for a loss of 5 cents per share on $753.43 million in revenue for the latest quarter.
"This was a very strong quarter of new awards for the company, predominantly in our core Middle East markets," CEO David Dickson said in a statement.
McDermott announced it was awarded a contract by RasGas Co. for the engineering procurement, construction and installation of a project consisting of 74 miles of pipeline off the coast of Qatar.
The new contract is included in the $4.4 billion backlog as of September 30, up from $3.1 billion as of June 30.
Separately, TheStreet Ratings team rates MCDERMOTT INTL INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
We rate MCDERMOTT INTL INC (MDR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's profit margins have been poor overall.
You can view the full analysis from the report here: MDR
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