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McDermott -9.3% after posting surprise Q4 loss, withdrawing guidance

  • McDermott (MDR) -9.3% AH after reporting an unexpected Q4 loss of $1.37/share, compared with year-earlier earnings of $0.17/share; it is "withdrawing prior financial guidance, and suspending guidance for the foreseeable future" while implementing organizational changes and closing out legacy projects.
  • Analysts had been expecting Q1 EPS of $0.01 on revenue of $728M.
  • Among charges written off in Q4 were $91M in unapproved change orders on two projects and $28M million on a delayed project in Malaysia.
  • Q4 revenue slid 48% Y/Y to $517.3M; backlog fell 5.2% to $4.8B from $5.07B a year earlier but higher than $4.6B at the end of Q3.
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