McDermott International Misses Estimates (MDR)

McDermott International Inc. MDR reports Q3 earnings of $0.26 versus consensus of $0.28. McDermott International Inc. reports revenues of $732.1 million versus consensus of $798.93 million. "McDermott's operating performance in the third quarter of 2010 was outstanding, although somewhat muted by the non-cash impairment charges," said Stephen M. Johnson, President and Chief Executive Officer of McDermott. "New awards during the three month period ended September 30, 2010 were light. However, we are pleased to report that in the month of October 2010, McDermott recognized bookings of approximately $1.2 billion. As such, we believe the market we serve continues to be robust and that the outlook for our business remains strong, particularly in the Middle East and Asia Pacific segments." Shares of MDR are higher in the after-hours by 1.38%.