Why Shares of McDermott International Are Plunging on Tuesday
Shares of McDermott International (NYSE: MDR) fell more than 35% on Tuesday, after the engineering and construction services firm reported second-quarter results that came in well below expectations and said it expected a full-year loss. Analysts had previously expected the company to be profitable in 2019.
Ater markets closed Monday, McDermott reported a second-quarter adjusted loss of $0.07 per share on revenue of $2.1 billion, falling well short of consensus expectations for a $0.18-per-share profit on revenue of $2.28 billion.
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