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Hornbeck Offshore Announces Second Quarter 2015 Results

07 / 29 / 15

July 29, 2015 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June30, 2015. Following are highlights for this period and the Company’s future outlook:

·  2Q2015 diluted EPS was $0.53, an increase of $0.11, or 26%, from the comparable 1Q2015 diluted EPS of $0.42

·  2Q2015 EBITDA was $66.3 million, an increase of $4.6 million, or 7%, from the comparable 1Q2015 EBITDA of $61.7 million

·  2Q2015 operating margin was 29%, up from the comparable 1Q2015 operating margin of 25%

·  2Q2015 avg new gen OSV dayrates were $28,178, up $1,500 from the sequential quarter and up $600 from the prior-year quarter

·  2Q2015 utilization of the Company’s new gen OSV fleet was 56% compared to 86% a year-ago and 65% sequentially

·  2Q2015 effective utilization of the Company’s active new gen OSVs was 80% compared to 86% a year-ago and 77% sequentially

·  First 17 HOSMAX vessels have been placed in-service with final seven newbuild deliveries expected during 2H2015 and 2016

·  The Company has stacked a total of 18 new generation OSVs, unchanged from its last quarterly report

·  Forward line-item guidance updated to reflect actual 1H2015 results, latest market conditions and cost savings initiatives

·  Cash opex and G&A savings due to proactive cost containment measures now approaching $90 million on an annualized basis

The Company recorded net income for the second quarter of 2015 of $19.2 million, or $0.53 per diluted share, compared to net income of $31.2 million, or $0.85 per diluted share, for the year-ago quarter; and net income of $35.9 million, or $0.99 per diluted share, for the first quarter of 2015.  Included in the Company’s first quarter net income was a gain of $33.1 million ($20.7 million after-tax or $0.57 per diluted share) related to the February 2015 sale of three 250EDF class OSVs to the U.S. Navy.  Excluding the impact of the gain on sale of assets, net income and diluted EPS for the first quarter of 2015 would have been $15.2 million and $0.42 per share, respectively. Diluted common shares for the second quarter of 2015 were 36.3 million compared to 36.8 million for the second quarter of 2014 and 36.1 million for the first quarter of 2015. EBITDA for the second quarter of 2015 was $66.3 million compared to $84.3 million in the second quarter of 2014 and $94.8 million in the first quarter of 2015. Excluding the impact of such gain on sale of assets, EBITDA for the first quarter of 2015 would have been $61.7 million. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.

To read the full press release, follow the link below.

Source: PR Newswire

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