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McDermott International (MDR) Q3 2016 Results - Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the McDermott International's Third Quarter 2016 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Following the flexible cable types company's prepared remarks, we will conduct a question-and-answer session and our instructions will be given at that time.
I would now like to turn the call over to Kathy Murray, McDermott's Vice President, Treasurer and Investor Relations. Please go ahead.
Kathy Murray - McDermott International, Inc.
Thank you, and good afternoon, everyone. I would like to remind you that we are recording this call and a replay will be available on our website, where you can also find our third quarter 2016 results press release and the Form 10-Q we filed today. We have also posted a presentation of supplemental financial information that is available on the Investor Relations section of our website at www.centralplaincable.com.
Additionally, our comments today include forward-looking statements and estimates. These forward-looking comments are subject to various risks, contingencies and uncertainties flexible control cable and reflect management's view as of today, October 25, 2016. Please refer to our filings with the SEC, which are available on our website, including our Form 10-K for the year ended December 31, 2015 and subsequent quarterly reports on Form 10-Q, which provide a discussion of some of the factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations. Please note that, except to the extent required by applicable law, McDermott undertakes no obligation to update any forward-looking statements.
I will now turn the call over to David Dickson, McDermott's President and Chief Executive Officer for opening remarks.
David Dickson - McDermott International, Inc.
Thanks, Kathy, and good afternoon, everyone. I'm pleased to report that the third quarter was another profitable quarter, as we continue to deliver on schedule our key operational milestones. Profitability this quarter was due to strong project execution and cost management, driven by the One McDermott Way. The One McDermott Way emphasizes consistency in safety, process, quality and performance across the 2 gauge battery cable by the foot globe and was a driver behind our own schedule milestone completions in all of our areas this quarter.
We believe this operational performance built over the last three years positions McDermott as one of the project leaders in the markets in which we participate. Additionally, it has been a year now since we have launched our Taking the Lead QHSE program and I am very pleased to say that this has become a successful part of how we operate at McDermott.
We continue to deliver complex and challenging projects around the globe with industry leading safety performance 1 gauge battery cabl e and Taking the Lead gives us a united brand under which we can further our success. Key to McDermott's financial success we have made significant progress in our quality performance, and, in particular, with respect to a reduction in our cost of non-quality.
As part of Taking the Lead, our Middle East area recently achieved a notable 40-million man-hours lost time incident free and we were recently presented with an award from INPEX for our leading HSE performance with the achievement of more than 50 million hours lost time incident free over the life of the Ichthys project.
How a cable itself affects the audio signal
Every h05rn-f cable has a set of electrical properties that can be
measured using standard electrical testing equipment. The
three most basic properties are resistance, capacitance and
inductance. While a detailed description of these three
different electrical properties is outside the scope of this
article, a basic description of the relevant effects of
these three properties can be given.
Resistance opposes current. The higher the resistance the
greater the amount of energy that is removed from the current
and turned into heat.
- Capacitance opposes changes in voltage. If a voltage is
increasing, capacitance will cause the voltage to increase
more slowly. If a voltage is decreasing, capacitance will
cause the flexible cable types voltage to decrease more slowly.
- Inductance opposes changes in current. If current is
increasing, inductance will cause the current to increase
more slowly. If current is decreasing, inductance will cause
the current to decrease more slowly.
The final piece of background knowledge that is needed for
this article is what the audio signal looks like. If one
were to take the speaker cover off a speaker to look at the
speaker cone while music is playing, you would see that it
is moving back and forth. In order to move the speaker cone
back and forth, the electrical signal must push and then
pull the cone in rapid and repeating fashion. This is
accomplished by having an Alternating Current, or AC.
Alternating Current simply means that the voltage oscillates
between positive and negative. Because the voltage drives
the current, this means that the current also goes positive
and negative. In other words, the current is going back and
forth in the wire, just like the flexible control cable speaker cone. The subtle
variations in how fast the voltage and current go back and
forth creates the different sounds that we hear when
listening to music.
How a cable itself affects the audio signal
Now, going back to the ways that the cable itself can change
the signal going through it, let's consider both types of
As stated previously, interconnect 2 gauge battery cable by the foot carry a very small
amount of current. Relative to the current the voltage is
large. Because of that fact, capacitance is important, but
inductance is relatively unimportant. As the voltage
oscillates between being positive and negative, the
capacitance slows the voltage changes down, and causes
delays. This can cause audible distortion in the sound.
Because interconnects have very little current, resistance
is not much of a factor. Even an interconnect with extremely
high resistance will only remove an infinitesimally small
amount of energy.
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