Cal Dive Int'l (DVR) Misses Q1 EPS by 4c

Cal Dive Int'l (NYSE: DVR) reported Q1 EPS of ($0.14), $0.04 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $130.26 million.

Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The improvement in our first quarter results reflects our increased activity levels in Mexico. While we did experience harsher weather conditions during the month of March than anticipated, we were able to make significant progress towards the completion of our current projects. We expect to complete two of the four projects in the second quarter and work on the remaining two projects, which were delayed by Pemex, will continue through the third and fourth quarters. We expect significant collections to come over the next five months as we complete these projects. We are also entering the busy season for submitting bids for new projects to Pemex and remain confident in continued high activity levels in the region.”

Mr. Hébert continued, “Domestically, the first quarter was generally in line with our expectations although we did experience harsher weather than anticipated. Some assets exceeded expectations while others were below expectations due to either weather or customers not yet starting their annual spend cycle. However, we are seeing signs of continued improvement in the U.S. Gulf of Mexico, specifically as it relates to new pipelay activity. We expect our results during the upcoming good weather months to be improved over the same period in 2013. Elsewhere, the DLB Sea Horizon experienced strong utilization in Southeast Asia and our Australia results were solid during the first quarter. We also substantially completed a project for the installation of three platforms off the coast of Ecuador.”

For earnings history and earnings-related data on Cal Dive Int'l (DVR) click here.

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