McDermott Reduces 2019 Guidance - Quick Facts

(RTTNews) - Based on the weaker than expected operating results for the second quarter of 2019, McDermott International, Inc. (MDR) has updated its guidance for 2019. The company's full-year guidance assumes a sharp improvement in operating income in the fourth quarter of 2019.

For fiscal 2019, the company now expects a adjusted net loss per share of approximately $0.32 and revenues of approximately $9.5 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.6 on revenue of $9.93 billion. Analysts' estimates typically exclude special items.

For the second-quarter, adjusted loss per share was $0.07 compared to profit of $0.28 per share, prior year. On average, six analysts expected the company to report profit per share of $0.18, for the quarter.

Second-quarter revenues improved to $2.14 billion from $1.74 billion, previous year. Analysts expected revenue of $2.28 billion, for the quarter.