McDermott International, Inc. (MDR) reported net income for the first quarter of $20.6 million or $0.09 per share, compared to $62.8 million or $0.26 per share for the year-ago quarter.
The year-ago quarter results included income from discontinued operations of $3.5 million or $0.01 per share.
McDermott's revenues for the first quarter rose 11% to $807.5 million from $727.7 million a year ago, mainly due to an approximately $48.6 million increase in revenues in the Atlantic segment as a result of increased fabrication activity, coupled with increased revenues in the Asia Pacific and Middle East segments.
Analysts polled by Thomson Reuters expected the company to earn $0.15 per share on revenue of $748.58 million for the first quarter.
At March 31, 2013, the company's backlog was $5.3 billion, compared to $5.8 billion and $5.1 billion at March 31, 2012 and December 31, 2012, respectively.
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