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29 November, 2023 20:13 IST
McDermott International swings to first-quarter profit on a YOY basis
Source: IRIS | 04 Jul, 2017, 06.16PM

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McDermott International, Inc. (MDR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $21.92 million, or $ 0.08 a share in the quarter, against a net loss of $2.17 million, or $0.01 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $21.92 million, or $0.08 a share compared with $36.34 million or $0.13 a share, a year ago.  

Revenue during the quarter dropped 28.75 percent to $519.43 million from $729.03 million in the previous year period. Gross margin for the quarter expanded 198 basis points over the previous year period to 17.49 percent. Total expenses were 89.22 percent of quarterly revenues, down from 95.06 percent for the same period last year. This has led to an improvement of 584 basis points in operating margin to 10.78 percent.

Operating income for the quarter was $55.98 million, compared with $35.99 million in the previous year period.

However, the adjusted operating income for the quarter stood at $55.98 million compared to $74.67 million in the prior year period. At the same time, adjusted operating margin improved 54 basis points in the quarter to 10.78 percent from 10.24 percent in the last year period.

"McDermott saw a profitable and strategic start to 2017 and I am extremely pleased with our first quarter performance. Excellent project execution and customer alignment led to cost savings, better than anticipated closeouts and customer driven change orders, driving McDermott’s profitability. Over the past few years, we have worked to stabilize and optimize the business and are now taking long-term strategic steps to transform McDermott for sustainability and growth," said David Dickson, President and Chief Executive Officer of McDermott.

Operating cash flow declines McDermott International, Inc. has generated cash of $48.45 million from operating activities during the quarter, down 18.27 percent or $ 10.83 million, when compared with the last year period.

The company has spent $7.46 million cash to meet investing activities during the quarter as against cash outgo of $36 million in the last year period.

The company has spent $11.78 million cash to carry out financing activities during the quarter as against cash outgo of $6.95 million in the last year period.

Cash and cash equivalents stood at $623.54 million as on Mar. 31, 2017, down 10.42 percent or $72.56 million from $696.10 million on Mar. 31, 2016.

Working capital declines McDermott International, Inc. has witnessed a decline in the working capital over the last year. It stood at $701.34 million as at Mar. 31, 2017, down 6.17 percent or $46.09 million from $747.42 million on Mar. 31, 2016. Current ratio was at 2.01 as on Mar. 31, 2017, up from 1.95 on Mar. 31, 2016.

Days sales outstanding went up to 45 days for the quarter compared with 38 days for the same period last year.

At the same time, days payable outstanding went up to 58 days for the quarter from 43 for the same period last year.

Debt comes down McDermott International, Inc. has recorded a decline in total debt over the last one year. It stood at $765.43 million as on Mar. 31, 2017, down 8.98 percent or $75.51 million from $840.94 million on Mar. 31, 2016. Total debt was 23.55 percent of total assets as on Mar. 31, 2017, compared with 24.94 percent on Mar. 31, 2016. Debt to equity ratio was at 0.47 as on Mar. 31, 2017, down from 0.54 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 3.16 for the quarter from 3.20 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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