Helix Energy Solutions Group, Inc. Earnings Cheat Sheet: Beats Estimates with a Swing Up

Helix Energy Solutions Group, Inc. (NASDAQ:HLX) climbed to a profit in the second quarter on lower costs. 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.

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>

Helix Energy Solutions Group Earnings Cheat Sheet for the Second Quarter

Results: Swung to a profit of $41.3 million (39 cents per diluted share) in the quarter. The oil and gas equipment and services company had a net loss of $85.5 million or a loss of 82 cents per share in the year earlier quarter.

Revenue: Rose 13.1% to $338.3 million from the year earlier quarter.

Actual vs. Wall St. Expectations: HLX beat the mean analyst estimate of 18 cents per share. It beat the average revenue estimate of $315.6 million.

Quoting Management: Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our Contracting Services segment rebounded nicely in the second quarter, allowing us to follow a good first quarter with an even better one. Both our Well Intervention and Robotics businesses saw a sharp increase in activity and performance levels while our pipelay business continued to lag due to a weak Gulf of Mexico business environment. During the second quarter, we repaid $111 million of debt while increasing the size and extending the maturity of our credit facility, an indicator of the continued strengthening of our balance sheet.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 44.7% to $291.6 million in the first quarter. The figure rose 70.1% in the fourth quarter of the last fiscal year from the year earlier and climbed 81.8% in the third quarter of the last fiscal year from the year-ago quarter.

The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 24 cents versus a mean estimate of net income of 9 cents per share.

Gross margins grew 61.3 percentage points to 29.6%. The growth appeared to be driven by falling costs, as the figure fell 39.6% from the year earlier while revenue rose 13.1%.

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

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>

(Source: Xignite Financials)