Marine Link
Tuesday, January 23, 2018

Second Quarter News

Group Ocean Orders Two Damen Workboats

Multi Cat 1205 (Image: Damen)

Dutch based Damen Shipyards Group said it has signed a contract with Canada’s Group Ocean for the delivery of two new workboats that will provide dredging support services at an oil sands project in northern Canada. The new vessels, both Modular Multi Cats 1205, are made of standard, container-sized units that enable easy transport. The versatile Multi Cat workboat used in many sectors for operations such as towing and anchor-handling, dive support, marine engineering, offshore energy operations and for dredging and dredging support.

Hornbeck Offshore Announces 2Q Results

Hornbeck Offshore Services, Inc., announced record results for the second quarter ended June 30, 2006. Second quarter revenues increased 72.0 percent to $70.7mcompared to $41.1m for the second quarter of 2005. Operating income was $32.4m, or 45.8 percent of revenues, for the second quarter of 2006 compared to $13.8m, or 33.6 percent of revenues, for the prior-year quarter. These results were driven by record dayrates in each of the company's business segments and a 45.3 percent increase in the average barrel-carrying capacity of the Hornbeck Offshore tug and tank barge (TTB) fleet. Operating income, as reported, for the second quarter of 2006 includes a $1.4m charge for stock-based compensation expense related to the impact of FAS 123R, which became effective January 1, 2006.

Baker Hughes Announces Second Quarter Results

Baker Hughes Incorporated announced that net income for the second quarter 2008 was $379.3m or $1.23 per diluted share compared to $349.6 million or $1.09 per diluted share for the second quarter 2007 and $395.0 million or $1.27 per diluted share for the first quarter 2008. Net income for the second quarter of 2008 includes a net charge of $62.0 million ($40.3 million after-tax or $0.13 per diluted share), relating to the settlement of litigation with ReedHycalog announced May 22, 2008. Net income for the first quarter 2008 includes a gain of $28.2 million ($18.4 million after-tax or $0.06 per diluted share) from the sale of the Completion and Production segment's Surface Safety Systems ("SSS") product line.

Horizon Lines Reports 2Q Results

Horizon Lines, Inc. reported solid earnings for the second quarter of 2007. Net income for the second quarter of 2007 was $9.6m or $.28 per diluted share compared to net income of $6.4m or $.19 per diluted share for the second quarter of 2006. After adjustment to exclude the non-recurring loss on extinguishment of debt in 2007 and secondary offering expenses in 2006, and to retroactively apply tonnage tax to 2006, adjusted net income was $10.0 million or $.29 per diluted share in 2007's second quarter, versus $9.7 million or $.29 per diluted share in the second quarter of 2006. 2007 to $295.7 million, compared to $289.8 million for the second quarter of 2006. Operating income in the second quarter of 2007 was $22.9 million versus $22.4 million in 2006's second quarter.

Sino-Global Results for Q2 2009

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a leading, non-state-owned provider of shipping agency services operating primarily in China, announced selected unaudited financial results for its second fiscal quarter of 2009 ended December 31, 2008. Revenues were US$4.5 million, an increase of 7.7% from $4.2m in the second quarter of 2008. Gross margin was 9.4%, compared to 20.9% in the second quarter of 2008. Basic and diluted losses per share were US$0.30, compared to basic and diluted earnings per share of US$0.20 in the same period in 2008. Despite the global economic downturn, the number of ships served increased to 47 from 44 in the second quarter of 2008.

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

Pentair plc 2Q 2014 Sales at $1.9 bi, Down 3%

Pentair plc today announced second quarter 2014 sales of $1.9 billion. Sales were down 3 percent compared to sales for the same period last year. Adjusted second quarter 2014 earnings per diluted share were $1.04, up 13 percent from adjusted EPS of $0.92 in the second quarter of last year. On a GAAP basis, the company reported EPS of $0.82 compared to EPS of $0.75 in the second quarter of 2013. Adjusted EPS and operating income exclude repositioning costs, acquisition and redomicile-related expenses, gain/loss on sale of a business and certain tax items. Second quarter 2014 adjusted operating income was $283 million, up 5 percent compared to adjusted operating income for second quarter 2013…

Northrop Grumman Q3 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported that second quarter 2009 earnings from continuing operations totaled $394 million, or $1.21 per diluted share, compared with $483 million, or $1.40 per diluted share, in the second quarter of 2008. Second quarter 2009 net pension adjustment (FAS/CAS) reduced earnings from continuing operations by $49 million, or $0.15 per diluted share, compared with an increase to earnings from continuing operations of $45 million, or $0.13 per diluted share, in the second quarter of 2008. Second quarter 2009 earnings included a net $64 million pre-tax gain, or $0.13 per diluted share, for legal matters…

Safe Bulkers, Inc. Reports Q2 and First Half 2011 Results

Athens, Greece – July 21, 2011 -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and six months periods ended June 30, 2011. The Company’s Board of Directors also declared a quarterly dividend of $0.15 per share for the second quarter of 2011. Net revenue for the second quarter of 2011 increased by 1% to $41.2 million from $40.6 million during the same period in 2010. Net income for the second quarter of 2011 decreased by 22% to $19.1 million from $24.4 million during the same period in 2010. Adjusted net income1 for the second quarter of 2011 decreased by 7% to $25.5 million from $27.4 million during the same period in 2010.

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

Cat Financial Announces Second-Quarter 2014 Results

CAT Brand

Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014, compared with $158 million for the second quarter of 2013.

Global Results for the Q2 2009

Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $294.8m for the second quarter of 2009 compared to $300.5m in the second quarter of 2008. Net income was $45.9m, or $0.40 per diluted share, for the second quarter of 2009 compared to a loss of $14.1m, or $0.12 per diluted share, in the second quarter of 2008. Commenting on the second quarter results, Chairman and Chief Executive Officer John A. During the second quarter of 2009, the company booked $116.4m of new work resulting in a backlog of $215.6m as of June 30, 2009. Commenting on the backlog results, John Clerico stated, "We are continuing to bid new projects on a worldwide basis and pursue opportunities with our key relationship customers.

Hornbeck Offshore Announces Second Quarter 2007 Results

Hornbeck Offshore Services, Inc. announced results for the second quarter ended June 30, 2007. Second quarter 2007 revenues were $75.1 million, up 6.2% from $70.7 million for the second quarter of 2006. Operating income was $33.9 million, or 45.1% of revenues, for the second quarter of 2007 compared to $32.7 million, or 46.3% of revenues, for the prior-year quarter. EBITDA for the second quarter of 2007 was $41.8 million compared to the Company's second quarter 2007 guidance range of $30.0 million to $35.0 million. Net income for the second quarter of 2007 was $22.6 million, or $0.85 per diluted share, compared to $20.3 million, or $0.73 per diluted share in the year-ago quarter.

Exxon Announces Estimated 2Q 1999 Results

Exxon Corporation reported second quarter 1999 net income of $1.2 billion, down from $1.6 billion in the second quarter of 1998. Revenue for the second quarter of 1999 totaled $29.4 billion compared to $29.4 billion in the second quarter of 1998. Capital and exploration expenditures were $2.5 billion in the second quarter 1999 compared to $2.5 billion in last year's second quarter. According to the company, depressed refining margins and weaker natural gas prices drove the decline in earnings. Weaker chemical margins, lower copper and coal prices, and unfavorable foreign exchange effects also lowered earnings. With the improvement in oil prices…

Diamond Offshore 2Q Earnings Fall

Diamond Offshore Drilling Inc., the world's largest offshore oil driller by market capitalization, reported its second quarter earnings fell more than 50 percent. Net income dropped to $53.2 million from $111.7 million in the same period of 1998. Revenues for the second quarter fell to $215.3 million from $323.5 million in the second quarter of 1998. The company did not comment in its earnings statement on business during the second quarter or on the outlook for the remainder of the year.

General Dynamics Reports Q2 2013 Results

General Dynamics (GD) today reported second-quarter 2013 net earnings of $640 million, or $1.81 per share on a diluted basis, compared to 2012 second-quarter net earnings of $634 million, or $1.77 per diluted share. Second-quarter 2013 revenues were $7.9 billion. Company-wide operating margins for the second quarter of 2013 were 12.1%, consistent with second-quarter 2012 margins. Each of the company’s four segments delivered margin expansion over the first quarter of 2013. Net cash provided by operating activities in second-quarter 2013 totaled $579 million. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $486 million in the quarter. The company repurchased 6.6 million outstanding shares in the second quarter.

Rowan Announces Record Quarterly Results

For the three months ended September 30, 2007, Rowan Companies, Inc. (NYSE:RDC) generated record net income of $130.8m, or $1.16 per share, compared to $87.0m, or 78 cents per share, in the third quarter of 2006 and $128.1m, or $1.14 per share, in the second quarter of 2007. Revenues were $502.2m in the third quarter of 2007, compared to $417.1m in the third quarter of 2006 and $507.0 million in the second quarter of 2007. The third quarter 2007 results included $1.1m, or 1 cent per share, of gains on asset sales, compared to $2.3m, or 2 cents per share, in the third quarter of 2006 and $14.6m, or 8 cents per share, in the second quarter of 2007.

GlobalSantaFe Reports 2Q Results

GlobalSantaFe Corporation reported net income for the quarter ended June 30, 2003, of $43.9 million, or $0.19 per diluted share, on revenues of $497.4 million, as compared to net income of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million for the same quarter in 2002. For the six months ended June 30, 2003, GlobalSantaFe reported net income of $89.8 million, or $0.38 per diluted share, on revenues of $950.4 million, as compared to net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million for the corresponding period in 2002. The company's first half 2003 net income included $22.3 million…

Todd Shipyards Report 2Q Results

Todd Shipyards Corporation announced financial results for the second quarter ended September 29, 2002. For the quarter, the company reported net income of $2.0 million. For the six month period then ended, the company reported net income of $4.3 million. In the prior year second quarter ending September 30, 2001, the company reported net income of $3.0 million. Per share calculations for the second quarter and first six month period ended September 29, 2002 were impacted favorably by the company’s Dutch Auction share repurchase of 4.1 million shares of its common stock during the second quarter of the prior fiscal year. The company’s second quarter revenue of $40.6 million reflects an increase of $9.6 million (31%) from fiscal year 2002 second quarter levels.

Trico Marine Reports 2Q Results

Trico Marine Services, Inc. has reported a net loss for the second quarter ended June 30, 2003, of $42 million, or $(1.16) per share (diluted), including a charge of $5.2 million, resulting from the loss on assets held for sale and a charge of $28.6 million due to the partial impairment of goodwill primary related to the company's North Sea reporting unit. This compares to a loss of $13.8 million, or $0.38 per share (diluted) in the second quarter of 2002, which included a charge of $9.2 million resulting from the early extinguishment of debt. Second quarter 2003 revenues increased to $34.5 million compared to $32.6 million for the second quarter of 2002. The net loss for the six month period ended June 30, 2003 was $55.5 million or $(1.53) per share (diluted).

Seacor Holdings Q2 Results

Seacor Holdings Inc. (NYSE: CKH) announced net income attributable to its stockholders for the second quarter ended June 30, 2009 of $42.3 million, or $1.91 per diluted share, on operating revenues of $389.2 million. For the six months ended June 30, 2009, net income attributable to SEACOR Holdings Inc. was $95.3 million, or $4.27 per diluted share, on operating revenues of $788.7 million. For the quarter ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $37.1 million, or $1.57 per diluted share, on operating revenues of $409.0 million. For the six months ended June 30, 2008, net income attributable to SEACOR Holdings Inc. was $73.7 million, or $3.06 per diluted share, on operating revenues of $763.4 million.

Box Ships Issues Financial Report

Box Ships Inc., a shipping company specializing in the seaborne transportation of containers, announced its results for the period from its Initial Public Offering on April 14, 2011 (“IPO”) to June 30, 2011 (“second quarter of 2011”). - IPO on April 14, 2011. - Acquisition of MSC Emma, the Company’s seventh vessel, which was delivered on August 3, 2011. delivered at the beginning of the quarter. Box Ships reported time charter revenues for the second quarter of 2011 of $7.2 million and net income of $2.3 million, or $0.16 per basic and diluted share, calculated on 14.1 million weighted average number of basic and diluted shares outstanding for the period. EBITDA for the second quarter of 2011 was $4.6 million. charter equivalent rate, or TCE rate, of $23,828 per vessel per day.

Helix Energy Cuts Q2 Loss

Photo: Helix Energy Solutions

Oil service company Helix Energy Solutions has narrowed its loss in the second quarter of 2017 backed by increased activity of its well intervention business. Mainly North Sea operations helped narrow the firm’s losses. The group, which controls Aberdeen based Helix Well Ops and Canyon Offshore, reported a net loss of $22.9million for the first six months of the year, compared to $38.5million in the same period last year. It reported a net loss of $6.4 million for the second quarter of 2017 compared to a net loss of $10.7 million for the same period in 2016.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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