McDermott International Inc. reported consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company has posted revenues of $807,488,000 against $727,678,000 a year ago. The year-over-year increase was primarily due to an approximately $48.6 million increase in revenues in the Atlantic segment as a result of increased fabrication activity, coupled with increased revenues in the Asia Pacific and Middle East segments. Operating income was $53,033,000 against $80,176,000 a year ago. The first quarter 2013 results were affected by operating losses in the Middle East and Atlantic segments, partially offset by stronger operating income in Asia Pacific segment. Net income was $24,318,000 against $65,424,000 a year ago. Net income attributable to company was $20,553,000 or $0.09 diluted per share against $62,758,000 or $0.26 diluted per share a year ago. Capital expenditure was $37,649,000 against $44,751,000 a year ago. Total cash used in operating activities--continuing operations was $187,115,000 against total cash generated from operating activities--continuing operations was $172,861,000 a year ago. Compared to last year's quarter, the increased revenues came from all geographic segments. Company’s debt position declined slightly to $101 million. For the full year of 2013, the company continue to be comfortable that full year revenues at or slightly above the $3 billion range is reasonable. The company expects operating margins to be in the range of the 7% reported first quarter operating margin and expect fourth quarter to make the most significant contribution because it includes the anticipated recognition of profit on Papa Terra project. As a result, it may experience operating income margins below the 7% full year guidance in the second and third quarters, which could be near breakeven or even a loss. The company continues to expect full year maintenance CapEx to be in the range of $75 million to $100 million. For the full year of 2014, the company continues to expect annual total capital expenditures in the range of $400 million to $500 million in both 2013 and 2014.

McDermott International Inc., Q1 2013 Earnings Call, May 09, 2013

McDermott International Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 08, 2013