logo
Share SHARE
FONT-SIZE Plus   Neg

Helix Energy Solutions Q1 Profit Jumps On Higher Revenues - Quick Facts

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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Fiat Chrysler Automobiles NV (FCAU) is recalling nearly 26 thousand Chrysler 200s to fix a transmission issue that may prevent the vehicle from shifting into "park." Chrysler said that certain 2015-model year Chrysler 200 vehicles with V6 engines were affected. Chrysler blamed "inconsistent assembly... Gap reported an increase in fourth-quarter profit, as same store sales climbed 11 percent at its Old Navy brand, partly offset by currency impact. Earnings for the quarter topped Wall Street estimates by a penny, while sales were in line with expectations. J.C. Penney Co. Inc. (JCP) Thursday reported a swing to loss in the fourth-quarter from a profit last year, reflecting the absence of benefits from hefty tax gains recorded last year, despite a higher-than-expected revenue growth. Shares of the struggling department store chain plunged a near 10 percent,...
comments powered by Disqus
RELATED NEWS
Trade HLX now with 
Follow RTT