Hornbeck Reports 1Q Results

Friday, May 05, 2006
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
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Canadian Pipeline Expansion Continues

Kinder Morgan Energy Partners said on Friday that crews have resumed survey work related to its Trans Mountain pipeline expansion project in the Vancouver suburb of Burnaby,

Orlando Ashford is President, Holland America Line

Holland America Line announced today that effective Dec. 1 Orlando Ashford will join the company as president to lead the award-winning cruise line's brand and business,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1412 sec (7 req/sec)