Hercules Offshore, Inc. (HERO) reported earnings in the first-quarter of $35.1 million or $0.22 per share, compared to a loss of $38.3 million or $0.28 per share in the same quarter last year.
The latest quarter results include a non-cash tax gain of $37.7 million, or $0.24 per share, pertaining to the Seahawk acquisition, completed in April 2011, said Hercules in a statement.
Meanwhile, revenue increased to $205.32 million from $143.31 million last year. Revenue generated from Domestic Offshore increased by 47.1% to $121.1 million, from $82.3 million a year-ago, as a result of higher dayrates and improved utilization.
On average, 26 analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $204.13 million for the quarter.
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