Why McDermott (MDR) Stock Is Higher Today

McDermott (MDR) shares were up on Tuesday following its Q3 earnings report.

mcdermott-mdrMcDermott reported earnings per share for the third quarter of 2015 at 9 cents. This is down from the 11 cents per share that it reported during the same time last year. However, it did beat out Wall Street’s estimate of losses per share of 5 cents.

McDermott’s revenue for Q3 2015 came in at $805.9 million. This is an increase from the $414.6 million that it reported during Q3 2014. It also surpassed analysts’ estimates for revenue from the company, which were set at  $753.4 million.

McDermott also noted that it’s expecting to save $100 million this year before expenses as part of its cost restructure initiative. It said that the process is going quicker than expected. The cost of restructuring during the third quarter was $6.3 million.

MDR shares were up 11% as of Tuesday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/11/mcdermott-mdr/.

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