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HOUSTON - McDermott International Inc. said Wednesday higher costs for offshore pipeline projects pushed third-quarter earnings sharply lower.
The energy infrastructure construction company said net income fell to $85.6 million, or 37 cents per share, from $140.4 million, or 61 cents per share, in the year-ago period.
The offshore oil and gas unit posted a $19.7 million loss after booking $90 million in contract losses, which came about because of revised cost estimates and increased downtime.
Total revenue jumped 26 percent to $1.66 billion from $1.32 billion a year ago, as each of the company's three operating segments posted gains. The offshore oil and gas construction segment paced the increase with a 40 percent rise.
Analysts expected earnings of 69 cents per share on revenue of $1.77 billion, according to Thomson Reuters.
The company said the credit crisis does not appear to be affecting its customers' ability to get financing for planned projects.
In electronic aftermarket trading, McDermott shares fell $2.59 to $12.97 after closing at $15.56 Wednesday.
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