McDermott International Beats Estimates (MDR)

Shares of McDermott International MDR are trading higher in the after-hours trade following the release of the company's Q1 earnings results. Currently, shares are higher by 0.97%, trading at $22.80; they closed the regular session higher by 0.36%, at $22.58. McDermott International reported Q1 EPS of $0.29 on revenues of $899.2 million. This compares to the Street's estimate of $0.28 per share on revenues of $739 million. "McDermott delivered solid results in the 2011 first quarter which represents a positive start to the year," said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. "The offshore EPCI markets we serve continue to be robust, our backlog remains strong, we've executed well and our healthy balance sheet provides a firm foundation to pursue growth." McDermott International, Inc. is an engineering, procurement, construction and installation company. MII focuses on designing and executing complex offshore oil and gas projects worldwide. The company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning.