McDermott International Inc. (MDR) reported second-quarter net income attributable to the company of $76.0 million or $0.32 per share, down from net income of $92.6 million or $0.40 per share in the same quarter last year. Both periods include the results of The Babcock & Wilcox Company, which was spun-off to McDermott shareholders on July 30, 2010. Additionally, the 2010 second quarter net income included approximately $66.2 million in after-tax expenses related to the spin-off or $0.28 per share.
On this pro forma basis, net income was $81.3 million or $0.35 per share, up from $34.4 million, or $0.15 per share, in the prior year quarter. The year-over-year decrease in revenues was due to reduced level of activities primarily in the Middle East and Asia Pacific regions.
Consolidated revenues were $1.3 billion, compared to revenues of $1.6 billion in the corresponding period of 2009. On this pro forma basis, consolidated revenues were $645.1 million, compare to revenues of $832.9 million in the corresponding period of 2009. The year-over-year decrease in revenues was due to reduced level of activities primarily in the Middle East and Asia Pacific regions.
"During the quarter, the said that it recognized about $720 million of new bookings, which grew backlog sequentially to $4.3 billion.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share on revenues of $1.43 billion for the quarter. Analysts' estimates typically exclude special items.
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