SAN FRANCISCO, Nov 9 (Reuters) - McDermott International Inc reported on Monday a rise in quarterly profit as the U.S. engineering company picked up more work on projects in offshore oil and gas to offset weakness in its power generation business.
Third-quarter net profit rose to $118.1 million, or 50 cents per share, from $85.6 million, or 37 cents per share, in the same quarter a year before. Revenue rose marginally to $1.676 billion from from $1.665 billion.
Analysts had expected a profit of 40 cents per share on revenue of $1.54 billion, according to the averages on Thomson Reuters I/B/E/S.
Backlog fell to $8.5 billion from $9.5 billion three months before. The Houston-based company said while its bookings were light, as expected, bidding activity remained at a high level.
(Reporting by Braden Reddall; Editing by Phil Berlowitz) Keywords: MCDERMOTT/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Third-quarter net profit rose to $118.1 million, or 50 cents per share, from $85.6 million, or 37 cents per share, in the same quarter a year before. Revenue rose marginally to $1.676 billion from from $1.665 billion.
Analysts had expected a profit of 40 cents per share on revenue of $1.54 billion, according to the averages on Thomson Reuters I/B/E/S.
Backlog fell to $8.5 billion from $9.5 billion three months before. The Houston-based company said while its bookings were light, as expected, bidding activity remained at a high level.
(Reporting by Braden Reddall; Editing by Phil Berlowitz) Keywords: MCDERMOTT/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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