Covington-Based Hornbeck's Second-Quarter Profit Hit By Gulf's Slump

COVINGTON, LA (AP) — Slumping activity in the Gulf of Mexico dropped Covington-based Hornbeck Offshore Services Inc.'s second-quarter profit to $19.2 million, or 53 cents per share, from $31.2 million, or 85 cents a share earlier.

         Revenue fell 20.3 percent to $136.4 million.

         The Advocate’s Ted Griggs reports the results still easily beat Wall Street's expectations. Analysts surveyed by Zacks Investment Research had forecast earnings of 25 cents per share.

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         Utilization rates for the company's new-generation offshore service vessel fleet slipped to 56 percent for the quarter, compared to 86 percent a year ago.

         Eighteen of Hornbeck's 60 new-generation vessels are stacked, the same as in the first quarter. A year ago, before oil prices began a long downward slide, none of Hornbeck's new-generation vessels were stacked.

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