McDermott International Posts 1Q Profit
Monday May 9, 5:04 pm ET
McDermott International Posts First-Quarter Profit on Declining Expenses After Last Year's Loss
NEW ORLEANS (AP) -- McDermott International Inc., which provides energy services, on Monday reported a first-quarter profit as expenses declined, but said revenue slid during the period primarily from its marine construction business.
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Quarterly income was $22.4 million, or 32 cents per share, compared to a loss of $10.9 million, or 17 cents per share, last year. Operating income was $40.7 million, compared to a $2.1 million loss. The company said the latest quarter included about $2.5 million in corporate pension expenses, down from $15.3 million a year earlier.
Analysts surveyed by Thomson Financial expected earnings of 13 cents per share.
Revenue fell to $439.1 million from $499.3 million. The company's costs and expenses dropped 20 percent to $408.3 million.
McDermott said revenue at marine construction services business J. Ray fell to $286.6 million from $365.8 million last year. The government operations segment posted revenue of $152.6 million, up from last year's $133.5 million.
The company's shares rose 30 cents to close at $21.20 on the New York Stock Exchange, and later climbed 52 cents, or 2.5 percent, to $21.72 in after-hours trading.
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