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.
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.
