McDermott -9% after missing on Q1 earnings, revenues

|About: McDermott International, Inc. (MDR)|By:, SA News Editor

McDermott (NYSE:MDR) -9.1% premarket after Q2 earnings slightly miss Wall Street estimates and revenues come in 10% short of expectations.

MDR says its backlog at the end of Q2 was $3.3B, compared to $3.9B at the end of Q1; of the June 30 backlog, ~85% was related to offshore operations and 15% was related to subsea operations.

Q2 order intake totaled $188M, resulting in a book-to-bill ratio of 0.2x.

MDR says it has $1.4B bids and change orders outstanding and $15.4B in identified target projects in its pipeline that it expect will be awarded in the market through Q3 2018.

Reaffirms FY 2017 EPS guidance of ~$0.42 vs. $0.41 analyst consensus estimate and sees revenues of $3.2B vs. $3.19B consensus.

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