Helix Energy Solutions Group Inc. (HLX: Quote) reported that its first-quarter, 2012 profit more than doubled from prior year, helped by increased revenues, mainly from its contracting services. The company's profit and revenues for the quarter were much above analysts' expectations.
Net income to shareholders was $65.7 million or $0.62 per share compared to $25.9 million or $0.24 per share prior year. Revenues increased to $407.93 million from $291.61 million last year. Revenues from contracting services were $229.8 million compared to $122.7 million last year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.43 per share for the quarter on revenue of $343.89 million. Analysts' estimates typically exclude special items.
The company also noted that its first-quarter 2012 results were impacted by $17.1 million of pre-tax charges and expense, or $0.10 per share after tax, related to the early extinguishment of a portion of convertible senior notes and senior unsecured notes.
Owen Kratz, CEO of Helix, said, "First quarter results reflected the trend of increasing activity and high vessel utilization in our Contracting Services business including a significant improvement in our subsea construction business. Our Contracting Services business was able to post these improved results despite the Q4000 entering her scheduled regulatory dry dock during the month of March. First quarter results also benefited from relatively high premium prices realized on Gulf Coast crude oil sales."
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by RTT Staff Writer
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