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Hornbeck Offshore Services Q2 Profit Rises

Hornbeck Offshore Services, Inc. (HOS) reported net income for the second quarter of $31.2 million or $0.85 per share, higher than the $23.8 million or $0.65 per share in the year-ago quarter.

Income from continuing operations was $31.2 million or $0.85 per share, compared to $20.3 million or $0.55 per share in the previous year.

Revenues were $171.1 million, an increase of 24.2% from $137.8 million a year ago. The year-over-year increase in Upstream revenues was primarily due to the full or partial-period contribution of 13 vessels, as well as improved spot market conditions for the Company's MPSV fleet.

Analysts polled by Thomson Reuters expected the company to earn $0.49 per share on revenue of $149.05 million for the fourth quarter. Analysts' estimates typically exclude special items.

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