Helix Energy Earnings: Revenue Falls After Three Straight Increases, Profit Also Dips
Helix Energy Solutions Group Inc. (NYSE:HLX) reported a lower net income in the third quarter compared with a year earlier, falling below analysts’ estimates. Helix Energy Solutions Group is an international offshore energy company that provides reservoir development solutions and other contracting services to the energy market as well as to its own oil and gas properties.
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Helix Energy Solutions Group Inc. Earnings Cheat Sheet
Results: Net income for Helix Energy Solutions Group Inc. fell to $14.9 million (14 cents per share) vs. $46 million (43 cents per share) a year earlier. This is a decline of 67.6% from the year-earlier quarter.
Revenue: Fell 9.7% to $336.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Helix Energy Solutions Group Inc. fell short of the mean analyst estimate of 43 cents per share. It fell short of the average revenue estimate of $356.5 million.
Last quarter’s year-over-year revenue decrease ends a three-quater streak of revenue increases. Revenue rose 2.7% in the second quarter, 39.9%in the first quarter and 29.3% in the fourth quarter of the last fiscal year.
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the second quarter, it topped the mark by 29 cents, and in the first quarter, it was ahead by 30 cents.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for fourth quarter has fallen from 50 cents per share to 47 cents. The average estimate for the fiscal year is $2.05 per share, a rise from $1.75 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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