Tuesday, Hercules Offshore, Inc. (HERO), a provider of drilling and marine services to the exploration industry, reported a decline in profit for the second quarter. Earnings per share, on a non-GAAP basis, decreased over the prior-year quarter and missed the Street expectations.
The Houston, Texas-based company posted second quarter net income of $16.4 million or $0.18 per share compared to $23.5 million or $0.72 per share in the prior-year period.
On a non-GAAP basis, net income decreased to $20.0 million or $0.22 per share from $24.2 million or $0.74 per share in the same period last year. On average, analysts polled by First Call/Thomson Financial had an earnings estimate of $0.25 per share for the quarter.
Revenues for the quarter increased to $270.8 million from $99.0 million in the year-ago period. Analysts were expecting $260.29 million for the quarter.
During the quarter, domestic offshore revenues increased to $97.4 million from $28.3 million the previous year. International offshore revenues were $74.2 million compared to $19.6 million in the prior-year period. Inland recorded revenues of $40.3 during the second quarter of 2008.
Domestic Liftboats revenues declined to $22.3 million from $37.2 million in the prior-year period. International Liftboats revenues increased to $20.3 million from $13.9 million in the second quarter of 2007.
John Rynd, president and chief executive officer said, "Our second quarter results reflect improving market conditions for our Domestic Offshore and Domestic Liftboat segments. The domestic offshore environment is expected to remain positive as current commodity prices are driving attractive well economics and higher capital spending by our customers."
For the first six months, net income decreased to $20.9 million or $0.23 per share, from $56.9 million or $1.74 per share in the same period a year ago.
On a non-GAAP basis, net income was $24.5 million or $0.27 per share, compared to $57.6 million or $1.76 per share in the prior-year six-month period.
Revenues for the period increased to $484.2 million from $209.5 million in the corresponding period of the previous year.
HERO ended Tuesday's regular trade on Nasdaq at $26.70, down $2.48 or 8.50% on a volume of 5.1 million shares. In after-hours trading, the shares moved up $0.29 or 1.08% and were at $26.99.
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