Shares of construction firm McDermott International (MDR) are up 19 cents, or 0.8%, at $25.31, after the company this evening reported Q1 revenue fell 21% to $1.18 billion, missing the consensus $1.36 billion, but still managed to turn in profit per share of 38 cents, 2 cents better than expected and ahead of the year-earlier 33-cent profit.
As with competitor�Fluor (FLR), which reported earlier this afternoon, revenue declined sharply from customers in the oil and gas exploration and production industry. However, business in the Middle East and Asia Pacific regions helped the company to almost double profit in the group.
New construction of power plants slumped as well as plant building slowed. Revenue from government customers, which was a strong spot for Fluor, was down slightly from the prior year.
The company continued to plow money into R&D, up about 70% in the quarter.
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