logo
Share SHARE
FONT-SIZE Plus   Neg

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

Helix Energy Solutions Group Inc. (HLX) 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
Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled. Consumer goods giant Procter & Gamble Co. on Friday reported a profit for the second quarter that more than doubled from last year on a one-time gain and higher margins, while sales edged lower. Both revenue and core earnings per share for the quarter beat analysts' estimates. General Electric Company (GE) reported that its fourth-quarter Industrial operating plus Verticals EPS, a non-GAAP measure, decreased to $0.46 from $0.52 last year. Industrial operating plus Verticals earnings excluding gains & restructuring was $0.50 compared to $0.47. On average, 17 analysts polled...
comments powered by Disqus
Follow RTT