Gulfmark Offshore (GLF) Tops Q2 EPS by 20c, Offers Q3 Guidance

Gulfmark Offshore (NYSE: GLF) reported Q2 EPS of ($0.27), $0.20 better than the analyst estimate of ($0.47). Revenue for the quarter came in at $74.5 million versus the consensus estimate of $74.53 million.

Gulfmark Offshore sees Q3 2015 revenue of $65-70 million, versus the consensus of $75.1 million.

GulfMark expects fleet-wide utilization to be between 65% and 70% for the third quarter, and expects its global average day rate for the third quarter to decrease by approximately 5-10% sequentially. Due to its expense reduction initiatives, GulfMark now anticipates third quarter direct operating expenses to be between $39 million and $41 million and for full year direct operating expenses to be between $175 and $180 million, an additional reduction of approximately $25 million from the previous target. The Company expects general and administrative expense to be between $11 million and $12 million in the third quarter and drydock to be between $4 million and $5 million. Full-year drydock is expected to be between $15 million and $17 million.

For earnings history and earnings-related data on Gulfmark Offshore (GLF) click here.

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