McDermott International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported revenues of $729,032,000 against $550,463,000 a year ago. Operating income was $35,993,000 against $13,306,000 a year ago. Operating income was positively impacted by continued project execution on the INPEX Ichthys project, successful completion of the PB Litoral project ahead of the agreed-upon schedule and an extensive offshore installation campaign on the Saudi Aramco 12 Jackets project, where activities remained on schedule. Income before provision for income taxes was $21,364,000 against loss of $438,000 a year ago. Net loss attributable to the company was $2,172,000 or $0.01 per basic and diluted share against $14,507,000 or $0.06 per basic and diluted share a year ago. Capital expenditures were $31,900,000 against $23,972,000 a year ago. Total cash provided by operating activities was $59,280,000 against total cash used in operating activities of $18,539,000 a year ago. Purchase of property, plant and equipment was $31,900,000 against $23,972,000 a year ago. Non-GAAP adjusted net income attributable to the company was $36,506,000 against Non-GAAP adjusted net loss attributable to the company of $4,118,000 a year ago. Non-GAAP adjusted operating income was $74,671,000 against $23,695,000 a year ago. Non-GAAP diluted EPS was $0.13 against non-GAAP Diluted LPS of $0.02 a year ago.

The company provided earnings guidance for the year ending December 31, 2016. For the year, the company expects GAAP net loss attributable to MDR of $29,000,000, non-GAAP adjusted net loss attributable to  MDR of $18,000,000, GAAP operating income of $108,000,000, non-GAAP adjusted operating income of $155,000,000, GAAP diluted LPS of $0.12, GAAP diluted EPS of $0.06, cash flows from operating activities of $115,000,000, capital expenditures of $265,000,000, free cash flow of $150,000,000, depreciation and amortization of $107,000,000, interest expense, net of $60,000,000, EBITDA of $198,000,000, adjusted EBITDA of $245,000,000, revenue of $2.7 billion.

For the 2016 first quarter, the company reported impairment charges was $32.3 million against nil a year ago.

For the year ending December 31, 2016, the company expected impairment charges was $32 million.