Helix Energy Solutions Earnings: Increased Oil Production, Increased Profits

Helix Energy Solutions Group, Inc. (NASDAQ:HLX) swung to a profit in the first quarter, beating Wall Street estimates. Helix Energy Solutions Group, Inc. 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 Earnings Cheat Sheet for the First Quarter

Results: Swung to a profit of $25.9 million (24 cents/diluted share) in the quarter. The Helix Energy Solutions Group, Inc. had a net loss of $17.8 million or a loss 17 cents per share in the year earlier quarter.

Revenue: Rose 44.7% to $291.6 million YoY.

Actual vs. Wall St. Expectations: HLX beat the mean analyst estimate of 9 cents/share. Estimates ranged from 5 cents per share to 12 cents per share.

Quoting Management: Owen Kratz, President and Chief Executive Officer of Helix, stated, “While weakness in the subsea construction market in the Gulf of Mexico remains a challenge for our Contracting Services business, increased oil production combined with higher oil prices resulted in increased earnings and cash flow for Helix.”

Key Stats:

Gross margins grew 13.6 percentage points to 26.4%. The growth seemed to be driven by increased revenue, as the figure rose 44.7% from the year earlier quarter while costs rose 22.1%.

Over the last five quarters, revenue has increased 18.5% on average year over year. The biggest increase came in the third quarter of the last fiscal year, when revenue rose 81.8% from the year earlier quarter.

Competitors to Watch: Global Industries, Ltd. (NASDAQ:GLBL), Oceaneering International (NYSE:OII), TETRA Technologies, Inc. (NYSE:TTI), Halliburton Company (NYSE:HAL), Technip (TKPPY), Willbros Group, Inc. (NYSE:WG), McDermott International (NYSE:MDR), Superior Energy Services, Inc. (NYSE:SPN), Complete Production Services, Inc. (NYSE:CPX), and Subsea seven SA (NASDAQ:SUBC).

Today’s Performance: Shares of HLX are up 2.6% in after hours trading.

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