McDermott International Reports EPS of $0.19 vs. $0.29; Revenue $539.6M vs. $732.79M

McDermott International, Inc. MDR today reported net income from continuing operations of $45.5 million, or $0.19 per diluted share, for the 2010 fourth quarter. The results of the 2010 fourth quarter compare to net income from continuing operations of $73.4 million, or $0.32 per diluted share, in the corresponding period of 2009. Both periods exclude the results of The Babcock & Wilcox Company (“B&W”), which was spun-off to McDermott shareholders on July 30, 2010, as well as the operations of McDermott's charter fleet business, which is classified as held for sale. Weighted average common shares outstanding on a fully diluted basis were approximately 237.0 million and 234.5 million in the quarters ended December 31, 2010 and December 31, 2009, respectively. McDermott's revenues for the 2010 fourth quarter were $539.6 million, compared to $756.8 million in the corresponding period of 2009.