SEACOR Marine (SMHI) Tops Q4 EPS by 3c, Revenues Miss

SEACOR Marine (NYSE: SMHI) reported Q4 EPS of ($0.74), $0.03 better than the analyst estimate of ($0.77). Revenue for the quarter came in at $49.1 million versus the consensus estimate of $51 million.

Chief Executive Officer John Gellert commented on SEACOR Marine's fourth quarter results:

“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.

“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.

“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.

“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.

“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”

For earnings history and earnings-related data on SEACOR Marine (SMHI) click here.

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