By market open, shares had taken off 7.3% to $7.51. Trading volume of 9.5 million was more than double its three-month daily average.
The Houston-based business recorded a net loss of $1.37 a share in its fourth quarter. Analysts polled by Thomson Reuters had forecast net income of 15 cents a share.
Management also suspended guidance for the foreseeable future until it can implement organizational changes.
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TheStreet Ratings team rates MCDERMOTT INTL INC as a Sell with a ratings score of D+. The team has this to say about their recommendation:
"We rate MCDERMOTT INTL INC (MDR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."
- You can view the full analysis from the report here: MDR Ratings Report