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.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs