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Hornbeck Offshore Announces Second Quarter 2019 Results

07 / 31 / 19

COVINGTON, La., July 31, 2019 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June 30, 2019.  Following is an executive summary for this period and the Company's future outlook:

  • 2Q2019 revenues were $56.8 million, an increase of $2.8 million, or 5%, from 1Q2019 revenues of $54.0 million
  • 2Q2019 diluted EPS was $(0.84), an improvement of $0.13, or 13%, from 1Q2019 diluted EPS of $(0.97)
  • 2Q2019 net loss was $(31.9) million, an improvement of $4.7 million, or 13%, from 1Q2019 net loss of $(36.6) million
  • 2Q2019 EBITDA was $3.6 million, an increase of $2.1 million, or 140%, from 1Q2019 EBITDA of $1.5 million
  • 2Q2019 average new gen OSV dayrates were $18,198, in-line with 1Q2019
  • 2Q2019 effective new gen OSV dayrates were $5,878, in-line with 1Q2019
  • 2Q2019 utilization of the Company's new gen OSV fleet was 32.3%, in-line with 32.5% sequentially
  • 2Q2019 effective utilization of the Company's active new gen OSVs was 70.4%, down from 72.1% sequentially
  • The Company currently has 35 OSVs and two MPSVs stacked, which are expected to remain stacked through the end of 3Q2019
  • Quarter-end cash and cash equivalents were $143 million, down from $175 million sequentially
  • In June 2019, the Company entered into a new $100 million senior credit facility, all of which was reported as restricted cash at quarter-end
  • On July 30, 2019, the post-closing undertakings were completed and $44 million of the initial $100 million loan proceeds were unrestricted

The Company recorded a net loss for the second quarter of 2019 of $(31.9) million, or $(0.84) per diluted share, compared to a net loss of $(25.1) million, or $(0.67) per diluted share, for the second quarter of 2018; and a net loss of $(36.6) million, or $(0.97) per diluted share, for the first quarter of 2019.  Diluted common shares for the second quarter of 2019 were 37.9 million compared to 37.5 million and 37.8 million for the second quarter of 2018 and the first quarter of 2019, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the second quarter of 2019 was $3.6 million compared to $11.2 million for the second quarter of 2018 and $1.5 million for the first quarter of 2019.  For additional information regarding EBITDA as a non-GAAP financial measure. See link below for full article.

Source: PR Newswire

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