Hornbeck Offshore Service (HOS) Tops Q1 EPS by 1c

May 3, 2017 5:10 PM EDT
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Price: $0.30 --0%

Financial Fact:
Gain on sale of assets: 81K

Today's EPS Names:
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Hornbeck Offshore Service (NYSE: HOS) reported Q1 EPS of ($0.76), $0.01 better than the analyst estimate of ($0.77). Revenue for the quarter came in at $44.08 million versus the consensus estimate of $41.76 million.

  • 1Q2017 diluted EPS was $(0.76), a decrease of $0.23, or 43%, from 4Q2016 diluted EPS of $(0.53)
  • 1Q2017 net loss was $(27.9) million, a decrease of $8.7 million from 4Q2016 net loss of $(19.2) million
  • 1Q2017 EBITDA was $1.6 million, a slight increase from 4Q2016 EBITDA of $1.1 million
  • 1Q2017 revenues include a redelivery fee of $9.4 million related to the completion of a long-term OSV contract
  • 1Q2017 G&A expense includes $3.8 million of additional bad debt reserve related to a former customer\'s bankruptcy proceedings
  • Excluding these two items, adjusted 1Q2017 diluted EPS and net loss were $(0.87) and $(31.7) million, respectively
  • Excluding these two items, adjusted 1Q2017 EBITDA was $(3.9) million, a decrease of $5.0 million from 4Q2016 EBITDA of $1.1 million
  • Excluding the redelivery fee, 1Q2017 average new gen OSV dayrates were $19,221, a decrease of $4,991, or 21%, sequentially
  • Excluding the redelivery fee, 1Q2017 effective new gen OSV dayrates were $3,787, a decrease of $1,055, or 22%, sequentially
  • 1Q2017 utilization of the Company\'s new gen OSV fleet was 20%, in-line with the sequential quarter
  • 1Q2017 effective utilization of the Company\'s active new gen OSVs was 68%, down from 75% sequentially
  • The Company has exercised the interest coverage holiday permitted by the revolving credit facility capping the borrowing base at $75 million
  • The Company currently has 41 OSVs and two MPSVs stacked and expects to have 46 OSVs and two MPSVs stacked by end of 3Q17
  • Quarter-end cash was $209 million with only $70 million of growth capex remaining to be funded under the 24-vessel newbuild program

For earnings history and earnings-related data on Hornbeck Offshore Service (HOS) click here.



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