Hornbeck Offshore Services Inc. on reported that first-
quarter earnings nearly tripled as rates for offshore transport services rose.
Net income rose to $14.9 million, or 54 cents per share, from $5.2 million, or 25 cents per share, in the year-ago period, which included a charge of $1.1 million, or 5 cents per share, related to early debt repayment. Analysts polled by Thomson Financial expected 49 cents per share.
Revenue rose 61 percent to $61.1 million from $37.9 million last year, beating the average Wall Street estimate of $57.3 million. Offshore vessels, which transport oil products, accounted for $38.5 million of the total, an increase of 62 percent from a year ago. The average daily rate for the vessels rose 57 percent to $18,175 from $11,577.
Looking ahead to the second quarter, Hornbeck forecast per-share earnings between 63 cents and 68 cents, ahead of Wall Street's average estimate of 60 cents.
For the year, the company expects to earn $2.70 to $2.92 per share; analysts forecast $2.30.
Hornbeck shares rose $2.39, or 6.5 percent, to $39.17 in morning trading on the New York Stock Exchange. In the past year, the stock has traded between $20.10 and $40.73.
Source: Houston Chronicle