Hornbeck Offshore Q1 Profit Up

Hornbeck Offshore Services Inc., posted higher quarterly earnings, but missed market expectations, even as it reaffirmed its full-year earnings outlook, Reuters reported.
Hornbeck, earned $23.1m, or 86 cents a share, compared with $17.5m, or 67 cents a share, a year ago.  Revenue rose 43 percent to $97.5 million.Effective dayrates for the 10 conventional vessels for the first quarter fell sequentially $1,400 to $4,900, the company said in a statement.
Quarterly effective dayrate for its new generation vessels rose 11 percent to $19,359, while that of tug and tank barges fell about 2 percent to $16,315.
Effective dayrate represents the average dayrate multiplied by the utilization rate for the respective period.
Operating margin for the offshore supply vessels, which ferry food, water and personnel to offshore rigs, fell to 43 percent, while that of tug and tank barges, which is used to transport oil, fell to 26.4 percent.  Hornbeck reaffirmed its full-year 2008 earnings outlook of $3.68 to $4.16 a share.

Source:  Reuters