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McDermott earnings reach high

Beacon Journal staff report

McDermott International Inc., the parent of Barberton-based Babcock & Wilcox Power Generation Group, reported earning a record $177.5 million, or 77 cents a share, on sales of nearly $1.8 billion.

B&W Power Generation Group's $30.6 million increase in income to $106 million helped propel earnings above last year's second quarter, when Houston-based McDermott had net income of $149.4 million, or 66 cents a share.

B&W Power Generation had quarterly revenue of $698.1 million, compared to $673.6 million a year ago.

McDermott reported earnings after the stock market closed Monday and will discuss its results with analysts today.

Beacon Journal staff report

Get the full article here.


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