Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
It Takes All Kinds

The Heldenfiles:
Tuesday Notebook

Patrick McManamon:
An interesting thought from a reader

Akron Zips:
Akron vs. Mount Union — Liveblog

Tribe Matters:
Indians announce spring dates

Cleveland Browns:
Mangini doesn't name a quarterback

Kent State Sports:
Flashes interested in another Cincinnati player

Cleveland Cavaliers:
Shaq: It’s All About Winning Championships

Buckeye Blogging:
Buckeyes Roll 100-60 / Season Outlook

Varsity Letters:
Report: Walsh baseball player commits

All Da King's Men:
More On The Fort Hood Jihadist

Blog of Mass Destruction:
Simply Incapable of Telling The Truth

Akron Law Café:
Health Care Financing Reform: (63) Commonwealth Fund Report on Primary Care

See Jane Style:
Muffle Your Muffler

Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks

Let's Talk Real Estate:
Rumors: Akron Starbucks Closing

Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.

Sound Check:
Aeromsith looking for new singer as Steven Tyler contemplates solo career

HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio

Akron Gamer:
Video: 'Modern Warfare 2' hits the streets

Weather hits parent of B&W

McDermott's income falls; revenue increases


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.


Get the full article here.


Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories