Dallas, Texas 08/06/2013 (Financialstrend) – McDermott International (NYSE:MDR), the renowned engineering firm, has recently published the earning results for the second quarter fiscal period. The company duly announced that the facilities in Amelia and Morgan City will be moved to Altamira, Mexico. The company has failed to meet up with the Wall Street consensus. Per share earnings ratio and yearly revenue has suffered badly since the last year. In the most previous trade, the stock price reaches an all-time down to $7.43 which is 15% lower. As a result, the management team is taking immediate action in order to fix the loopholes.
The loss statistics
According to a company spokesperson, the company suffered this huge loss due to their operations in project bids and project performance. It is reported in the second quarter of the last fiscal year that McDermott International (NYSE:MDR) has suffered a $149.4 million loss that is amounted to $0.63/share, whereas the net income was worth of only $52.7 million resulted to $0.22/share. This worsening of stock value has affected the Wall Street consensus parameters. As per the revenues, in the last quarter, it got down to $647.25 million from the last year’s $889.25 million. This is also a non-qualifier for the Wall Street consensus.
Operations moving to Mexico
McDermott International (NYSE:MDR) has officially confirmed that the company will close all its operations in Morgan City and the Amelia marine base facility. The facilities in Amelia will be moved to Altamira in Mexico City. This is a hard decision that took time for final deployment. The company officials took months to analyze the financial issues and came up with this decision. The Morgan City operations have took two years to decide its final fate. The company is determined to survive this financial crunch with all these steps taken by respective company officials.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.