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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.