Marine Link
Tuesday, January 23, 2018

Quarter Results News

BP Deepwater Horizon Costs Balloon to $65 Billion

Response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon April 21, 2010 (File photo: U.S. Coast Guard)

BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion. The post-tax, non-operating $1.7-billion charge BP will take in its fourth quarter results came after claims resolved in recent months were about seven times higher than anticipated, the London-based company said. The claims were part of the Court Supervised Settlement Program that was set up in the wake of the disaster and included nearly 400,000 cases, BP said.

Euroseas Announces First Quarter Results Release Date

Euroseas Ltd. an owner and operator of drybulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today it will release its first quarter results for the period ended March 31, 2007, after the close of the financial markets in New York on Tuesday, May 29, 2007. On Wednesday, May 30, 2007, at 11:00 a.m. EDT, Euroseas's management will host a conference call to discuss the results.

Husky Energy to Release 1st Quarter Results

Husky Energy Inc. will release its first quarter results on Wednesday, April 23, 2003. A conference call for analysts and investors will be held later that day at 4:15. John C.S. Lau, President & Chief executive Officer, Donald R. Ingram, Senior Vice-President, Midstream & Refined Products and Neil D. McGee, Vice- President & Chief Financial Officer will be hosting the call.

Trailer Bridge Reports Third Quarter Results

Total revenue for the three months ended September 30, 2001 was $20,052,136, as compared to $23,151,664 for the third quarter of 2000. Compared sequentially to the second quarter of 2001, total revenue decreased $1,607,048 or 7.4 percent. In the early part of the third quarter, Trailer Bridge experienced higher vessel utilization both southbound and northbound. Based upon anticipated volume and revenue levels, Trailer Bridge had anticipated that its third quarter operating results would show a meaningful improvement over the second quarter results. Instead of higher volume and revenue that would have driven improved results, the latter part of the third quarter saw decreases in vessel utilization of a magnitude that produced these sequential declines in revenue and operating income.

Knightsbridge Tankers Limited to Release Quarter Results

Knightsbridge Tankers Limited advises that the company will release its first quarter results and declare a cash distribution for the first quarter of 2004 on May 14, 2004. The distribution amount, the record date, the ex- dividend date and the payment date for the cash distribution will also be announced on that date. The company has historically announced quarterly cash distributions approximately 15 days after each quarter end. In the future, the Company expects to announce quarterly results and cash distributions approximately 40 days after each quarter end. This change reflects the change in the employment of the Company's five Very Large Crude Carriers from bareboat charters to a combination of time charters and spot market trading.

Trico Earnings Nicked by Suffering Day Rates

Trico Marine Services, Inc. reported a net loss for the second quarter ended June 30, 1999, of $10.8 million after an extraordinary one-time charge of $1.8 million. This compares to net income of $11.7 million for the second quarter of 1998. Second quarter 1999 revenues were $26.7 million compared to $52.9 million last year. For the first six months of 1999, the net loss before extraordinary items was $16.3 million on revenues of $55 million. After the extraordinary charge, the net loss was $18.2 million. This compares to net income of $21.6 million on revenues of $101.8 million for the first six months of 1998. Trico's net loss for the second quarter resulted from decreases in average day rates for all classes of the company's vessels.

Transocean Third Quarter Results

Houston-based Transocean said net income for the quarter rose to $170.4 million, or 50 cents a share, from $154.9 million, or 47 cents, a year earlier. Revenue for the three months ended Sept. 30 was $762.6 million compared with $651.8 million a year ago. But the company also warned that its fourth-quarter results are likely to be stunted by $40 million to $50 million due to repairs to some of its biggest rigs, which took a beating from the summer's Gulf of Mexico hurricanes, and lost revenue while the rigs are in dock. The market reacted to the news by sending Transocean briefly down as much as 1.6% before it popped back into positive territory on a 1.6% gain to $59.67.

Frontline Surges 5% On Solid Results

Shares in Norwegian tanker group Frontline jumped 4.8 percent on the back of strong first quarter results and renewed confidence in the tanker market, analysts said. Frontline shares were up 9.0 Norwegian crowns ($0.990) amid heavy trading, after hitting a year high of 198 earlier in the session. The share had a year low on February 1 at 102.50 crowns. The total index at the Oslo bourse was up 1.3 percent. "Firstly, the increase is driven first by the first-quarter results Frontline presented yesterday, which were very good and above expectations," Ole Richard Hammer, an analyst with Pareto, said. "Secondly, we are at the threshold of summer, which is usually a good period in the tanker market and adds to the confidence investors have in Frontline." he said.

Stolt-Nielsen to Release 2Q Results

Stolt-Nielsen S.A. will release its second quarter results on Thursday, July 10th, 2003. A conference call will be held to discuss the earnings and review of business operations on Thursday, July 10th, 2003. The date for release of second quarter 2003 results has been delayed to permit Stolt Offshore S.A., a subsidiary of Stolt-Nielsen S.A., to discuss the major items of the Stolt Offshore S.A. Blueprint for financial recovery during Stolt Offshore S.A. investor conference call.

Manitowoc to Announce 4Q Results

The Manitowoc Company, Inc. will release its fourth-quarter 2007 financial results on Monday, February 4, after the market closes. The fourth-quarter results will also be discussed by Manitowoc’s management team during a live conference call for security analysts and institutional investors which will be held at 10:00 a.m., Eastern Time, on Tuesday, February 5.

Hvide Marine Announces Second Quarter Results

Hvide Marine Incorporated, Fort Lauderdale, Fla., reported a net loss of $23.7 million for the quarter ended June 30, 1999. These results reflect a loss of $14.1 million on the sale of assets. Last year, Hvide held a net income of $9.5 million. Revenues of $78.3 million for the 1999 quarter were down 28 percent from the previous year's figure of $109.3 million, which reflects the falloff in day rates and utilization for the company's fleet of offshore energy support vessels.

Conrad Industries to Release Quarter Results

Conrad Industries, Inc. plans to release its first quarter earnings during the evening on Wednesday, May 5, 2004. Management of the Company will host a conference call on Thursday, May 6, 2004 at 9:30 a.m. CST, to discuss the Company’s financial results for the quarter ended March 31, 2004.

Northrop Grumman Reports 1Q Results

Northrop Grumman Corporation reported first quarter 2002 net income of $149 million, or $1.27 per share, compared with net income of $132 million, or $1.81 per share, for the same period of 2001, adjusted for SFAS No. 142 - Goodwill and Other Intangible Assets. The comparable per share decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. On an economic earnings basis, the company reported increased earnings of $170 million, or $1.45 per share, compared with $101 million, or $1.39 per share, for the same period of 2001. 2002 earnings per share are based on average diluted shares outstanding of 112.8 million versus 72.8 million for the first quarter of 2001.

Arlington Tankers Announces Unaudited 3Q Results

Arlington Tankers Ltd. announced unaudited financial results for the third quarter ended September 30, 2006. For the quarter ended September 30, 2006, the company's total revenues were $17.6 million, consisting of $16.2 million in basic vessel charter hire and $1.4 million in additional charter hire that the Company received under its profit sharing arrangements. On the basis of the third quarter results from operations, Arlington's Board of Directors has declared a cash dividend of $0.60 per share. The dividend is payable on November 7, 2006 to shareholders of record at the close of business on November 3, 2006. The additional charter hire earned during the third quarter of 2006 was derived from profit sharing arrangements under the time charters of the Company's V-MAX…

Trailer Bridge Reports Third Quarter Results

Trailer Bridge, Inc. reported its financial results for the third quarter ended September 30, 2001. Total revenue for the three months ended September 30, 2001 was $20,052,136, as compared to $23,151,664 for the third quarter of 2000. Compared sequentially to the second quarter of 2001, total revenue decreased $1,607,048 or 7.4 percent. In the early part of the third quarter, Trailer Bridge experienced higher vessel utilization both southbound and northbound. upon anticipated volume and revenue levels, Trailer Bridge had anticipated that its third quarter operating results would show a meaningful improvement over the second quarter results. declines in revenue and operating income. of 2000. sailings during the third quarter of 2001. period.

ISH: Steel Import Sanctions Hurt 4Q Earnings

International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65.9 million during the same period in the previous year. For the year ended Dec. 31, the company recorded revenues of $217.7 million versus $289.9 million during the previous year. This is countered with reduced voyage expenses (Three months ended $45.9 million vs. $53.5 million in 2001; 12 months ended $177.8 million vs.

Marine Drilling Companies Reports a Prosperous 2000

Three years ago Marine Drilling Companies weathered a challenging year, posting its first operating lost in four years. Today the company has conquered those challenges, positioning Marine to make the most of a world of opportunities in fiscal 2000. Marine Drilling Companies, Inc. is engaged in offshore contract drilling of oil and gas wells for independent and major oil and gas companies. Operations are conducted in the U.S. Gulf of Mexico and internationally. The company owns and operates a fleet of 17 offshore drilling rigs consisting of five independent leg jack-up units, four of which have a cantilever feature, 10 mat supported jack-up units, five of which have a cantilever feature, and two semi-submersible units.

TEN to Host Third Quarter 2003 Conference Call

Tsakos Energy Navigation Ltd. will report earnings for the third quarter of 2003 before the market open on Friday, November 7, 2003. That same day, at 10:00 A.M. Eastern Time, TEN will host a conference call to review third quarter results as well as management's outlook for the business.

R&B Falcon Reports 4Q Results

R&B Falcon Corporation reported net income for the fourth quarter of 1998 of $15.1 million, on revenues of $228.7 million as compared to a net loss of $124.1 million, on revenues of $266.7 million for the same period in 1997. Fleet utilization and average dayrates both declined when comparing the fourth quarter of 1998 to the third quarter of 1998. The drop and continued downward pressure on the price of oil has contributed to the results of operations. This has resulted in a decline in the contribution for domestic business units. Steven Webster, president and CEO, said, "Our fourth quarter results reflect a weakness in our domestic business units as a result of cutbacks in industry drilling activity.

Kirby Corporation Announce Record Q1 Results

Photo credit Kirby Corporation

Kirby Corporation announced record net earnings attributable to Kirby for the first quarter ended March 31, 2012 of $50.9 million, or $.91 per share, compared with $32.4 million, or $.60 per share, for the 2011 first quarter. Consolidated revenues for the 2012 first quarter were $566.9 million compared with $299.4 million reported for the 2011 first quarter. Kirby's 2012 first quarter results included a $4.2 million before taxes, or $.05 per share, charge associated with increasing the fair value of the United Holdings LLC ("United") contingent earnout liability…

SEACOR SMIT Announces 3Q Results

SEACOR SMIT Inc. announced net earnings for the third quarter ended September 30, 2003 of $2.9 million, or $0.15 per diluted share, on operating revenues of $103.2 million. For the nine months ended September 30, 2003, net earnings were $13.7 million, or $0.71 per diluted share, on operating revenues of $305.3 million. For the third quarter ended September 30, 2002, net earnings were $21.3 million, or $1.02 per diluted share, on operating revenues of $102.1 million. For the nine months ended September 30, 2002, net earnings were $44.9 million, or $2.16 per diluted share, on operating revenues of $303.5 million. For the quarter ended June 30, 2003, net earnings were $6.4 million, or $0.33 per diluted share, on operating revenues of $105.2 million.

P&O Nedlloyd Logs $21M Operating Profit

P&O Nedlloyd's first quarter results for 2004 improved by $79 million compared to the same quarter 2003, moving from a loss of $58 million to an operating profit of $21 million. Commenting on the Q1 result and the full year outlook, Royal P&O Nedlloyd CEO Philip Green said: "The improvement of our financial performance is encouraging in what is traditionally the weakest quarter of the year. A feature in the quarter's results has been the improvement in average freight rates, up 15 percent overall on Q1 2003. The increases have been particularly strong in the Europe Asia Trades (19 per cent) and Americas (17 per cent) compared with the same quarter last year. On a comparable basis with Q1 2003 volumes shipped grew by 7 percent.

A&B Reports 2Q Results

Alexander & Baldwin, Inc. has reported second quarter 2002 net income of $13,197,000, or $0.32 per share. Net income in the second quarter of 2001 was $24,514,000, or $0.61 per share, including a one-time gain of $0.23 per share on the sale of marketable bank securities. Revenue in the second quarter of 2002 was $279,185,000, compared with revenue of $293,012,000 in the second quarter of 2001. Net income for the first half of 2002 was $23,004,000, or $0.56 per share. For the first half of 2001, the Company reported net income of $46,948,000, or $1.16 per share. Revenue in the first half of 2002 was $512,972,000, compared with $567,793,000 in the first half of 2001.

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