Shares of oil engineering and construction specialist McDermott International (NYSE: MDR) are up 10.7% as of 12:15 p.m. EDT Wednesday. The catalyst for today’s move was the company’s earnings that were well above Wall Street estimates.
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McDermott’s third-quarter earnings came in at $94.7 million, or $0.33 per share, on $958.5 million in revenue. Wall Street expected earnings to be $0.20 per share.