News & Events
Hornbeck Offshore Announces Third Quarter 2014 Results
10 / 29 / 14
COVINGTON, La., Oct. 29, 2014 /PRNewswire/ --Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September 30, 2014. Following are highlights for this period and the Company's future outlook:
- 3Q2014 diluted EPS from continuing operations of $0.72 increased $0.23, or 47%, over the year-ago quarter
- 3Q2014 EBITDA from continuing operations of $79.3 million increased $19.8 million, or 33%, over the year-ago quarter
- 3Q2014 average new gen OSV dayrates were $28,049, up $500 over the sequential and year-ago quarters, respectively
- 3Q2014 utilization of the Company's new gen OSV fleet was 82% compared to 81% a year-ago and 86% sequentially
- 3Q2014 high-spec OSV effective utilization was 80% compared to 89% a year-ago and 90% sequentially
- 3Q2014 MPSV effective utilization was 96% compared to 99% a year-ago and 100% sequentially
- OSV Newbuild Program #5 remains 98% on-time and on-budget
- First 12 HOSMAX OSVs have been placed in-service with four more newbuild deliveries expected by the end of 4Q2014
- The Company has now finalized plans to convert a recently delivered 300 class OSV into a Jones Act MPSV flotel
- Contract backlog for new gen OSV vessel-days is currently at 62% and 27% for 4Q2014 and fiscal 2015, respectively
- Contract backlog for MPSV vessel-days is currently at 63% and 18% for 4Q2014 and fiscal 2015, respectively
- As separately announced today, the Company's Board has authorized a $150 million share repurchase program
The Company recorded income from continuing operations for the third quarter of 2014 of $26.6 million, or $0.72 per diluted share, compared to $17.8 million, or $0.49 per diluted share, for the year-ago quarter; and $31.2 million, or $0.85 per diluted share, for the second quarter of 2014. Diluted common shares for the third quarter of 2014 were 36.9 million compared to 36.7 million for the third quarter of 2013 and 36.8 million for the second quarter of 2014. EBITDA from continuing operations for the third quarter of 2014 increased 33.3% to $79.3 million compared to $59.5 million for the third quarter of 2013 and decreased 5.9% compared to $84.3 million for the second quarter of 2014. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 7 to the accompanying data tables. The historical results for the Downstream segment, which was sold in August 2013, have been presented as discontinued operations for all periods in this press release and the accompanying data tables.
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Source: Hornbeck Offshore Servies, Inc. / Thomson Reuters