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McDermott's income falls; revenue increases
Published on Tuesday, May 13, 2008
Beacon Journal staff report
Bad weather conditions in the Caspian region hurt the Houston-based corporate parent of Babcock & Wilcox in Barberton, which late Monday reported reduced net income on higher revenue for the first quarter ending March 31.
McDermott International Inc. said it had net income of $123.2 million, or 54 cents a share, down 22.1 percent from $158.1 million, or 69 cents a share, reported a year ago.
Quarterly revenue grew 6.4 percent to $1.45 billion compared with $1.36 billion for the first quarter a year ago.
The energy industry engineering and construction company reported earnings after the stock market closed Monday.
While the company reported strong overall revenue, net income was hurt primarily by the company's oil and gas construction segment, McDermott said in its earnings release.
While segment revenue rose to $645.9 million, compared to $550.3 million, income fell to $52.9 million.
The decrease in net income was ''primarily attributable to a high level of unproductive offshore working days for major construction vessels during the 2008 first quarter, due to poor weather conditions in major areas of operation, and reduced activities in the Caspian region,'' McDermott said.
Revenue for the Power Generation Systems segment, which includes B&W, declined 6 percent to $616.3 million, compared to $655.4 million for the first quarter of 2007. The decline was primarily from lower activities on new fossil utility steam systems and retrofits of existing power plant facilities. That decline was partially offset by increased levels of replacement parts and activities on replacement nuclear steam generators, McDermott reported.
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