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Article: Q3 Results Drive Share Gain For McDermott, Loss For Hanover.(McDermott International and Hanover Compressor Co. 3rd-quarter earnings)
- Article from:
- The Oil Daily
- Article date:
- November 11, 2003
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WASHINGTON -- Third-quarter results drove a strong share price gain for McDermott International last week while prompting a loss for oil service rival Hanover Compressor Co., according to data compiled by energy research firm John S. Herold.
McDermott International's shares gained 18.4% last week after the company reported third-quarter earnings that trumped analysts' expectations. The New-Orleans-based company posted net income of $11.8 million, compared with a net loss of $357.1 million a year earlier.
Revenue rose 50% from the year-ago quarter to $645.3 million, as higher activity at its troubled "J. Ray" marine construction services business more ...