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Home : Offshore Services : Hornbeck Offshore reports higher third quarter earnings
Hornbeck Offshore reports higher third quarter earningsHornbeck Offshore Services reported higher third quarter earnings this morning and indicated that it plans to hang on to a division it had considered selling or spinning off.
In June, the Covington firm began a strategic review of its tug and tank barge unit. But because of changing conditions in the credit market, Hornbeck said in this morning's report that it now plans to maintain the status quo with the unit. Revenue in the tug and tank barge unit fell 26 percent during the third quarter from year-ago levels. Hornbeck's offshore supply vessel unit, which represents the bulk of the company's business, climbed 33 percent during the quarter from a year ago. Hornbeck's overall net income and revenue also increased in the recent quarter as the company benefitted from its growing fleet of vessels and favorable market conditions. During the third quarter, Hornbeck's net income reached $33.5 million, up from $28.9 million a year ago. On a per-share basis, the company earned $1.24 per share, up from $1.09 per share a year ago. Analysts surveyed by Thomson Financial had forecast that Hornbeck would earn $1.02 per share. Hornbeck's revenue climbed 15 percent to $109.1 million during the third quarter, up from $94.7 million during the year-ago period. http://blog.nola.com/corporateearnings/2008/11/hornbeck_offshore 375 times read
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