McDermott reported revenue of $550.5 million for the first quarter, down 8.8% from the year-ago quarter, and below analysts' estimates of $759.1 million. The company reported a loss of 4 cents a share for the quarter, beating analysts' estimates of a loss of 8 cents.
"We are very pleased to have been awarded several important new projects during the first quarter of the year," President and CEO David Dickson said in a statement.
Dickson continued, "While the macro industry environment continues to be challenging, McDermott has received three new brownfield EPCI projects in the Middle East, the Marjan Power Supply System from Saudi ARAMCO, the Qatar Petroleum award for a wellhead jacket and deck, as well as a new platform and two bridges from Al-Khafji Joint Operations."
TheStreet Ratings team rates MCDERMOTT INTL INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCDERMOTT INTL INC (MDR) a SELL. This is driven by several weaknesses, 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 generally disappointing historical performance in the stock itself and poor profit margins."