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Monday, February 25, 2019

McDermott Slides After Surprise Loss Deflates Shares

International  News

McDermott International Inc. 

McDermott Slides After Surprise Loss Deflates Shares

Shares of McDermott International Inc. (MDR - Get Report) slipped Monday after the company posted quarter-quarter results that missed analysts' estimates.

The stock rose initially in premarket trading before falling 8.79% to $ 7.06 in premarket trading.

McDermott reported an adjusted loss of $ 1.55 per share, poorly lost Wall Street's expectancy for 17 cents Revenue was $ 2.07 billion, missing analysts' estimates of $ 2.64 billion

"Our results for the fourth quarter of 2018 were marked by several significant non-recurring charges, including those related to goodwill and deferred tax assets," said David Dickson, President and Chief Executive Officer. performance operating our "Additionally, is unfavorably affected by a change in estimation on the Calpine gas turbine project, the previously announced change in estimation on the Cameron LNG project and many other discrete operating items as listed below."

The $ 1.4 billion market cap construction and engineering company, however, provided strong guidance. Full year 2019 adjusted EPS is expected to be $ 1.65 to $ 1.75, against estimates of $ 1.47 Revenue was $ 9.5 billion to $ 10.5 billion vs.estimates of $ 9.8 billion.

The stock market has fallen 66% in the past year.

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