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Hercules Offshore, Inc. (HERO) Misses Q1 EPS by 2c

April 23, 2014 7:25 AM EDT
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Price: $20.65 +0.78%

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Revenue: 50.87M

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Hercules Offshore, Inc. (NASDAQ: HERO) reported Q1 EPS of $0.12, $0.02 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $256.73 million versus the consensus estimate of $263.82 million.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "First quarter results reflect a healthy jackup rig market in the U.S. Gulf of Mexico and fleet growth in our International Offshore segment. Domestic drilling activity remains active, with the possibility of an improvement in demand later this year. Average dayrates in the U.S. Gulf of Mexico continue to rise as various rigs roll into higher paying contracts. Going forward, we expect stable pricing in the U.S. Gulf of Mexico, as all new contracts signed during the latest quarter were executed at current dayrates. Our International Offshore segment benefitted from the contributions of new assets, including the Hercules Triumph and Hercules Resilience. Our International Liftboats segment was impacted by soft demand in West Africa for the small to mid-size vessel classes and a heavy repair and maintenance schedule. We have seen some recent improvements in West Africa, but activity levels in this region could remain variable during the rest of the year."

For earnings history and earnings-related data on Hercules Offshore, Inc. (HERO) click here.



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