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Hornbeck Offshore Services Crushes Earnings Estimates

Thursday - 5/2/2013, 2:00am  ET

Hornbeck Offshore Services reported earnings on May 1. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Hornbeck Offshore Services beat expectations on revenues and crushed expectations on earnings per share.

Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share expanded significantly. GAAP earnings per share shrank.

Gross margins expanded, operating margins grew, net margins contracted.

Revenue details
Hornbeck Offshore Services booked revenue of $147.5 million. The nine analysts polled by S&P Capital IQ foresaw a top line of $137.4 million on the same basis. GAAP reported sales were 23% higher than the prior-year quarter's $120.0 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.59. The 14 earnings estimates compiled by S&P Capital IQ predicted $0.31 per share. Non-GAAP EPS of $0.59 for Q1 were 119% higher than the prior-year quarter's $0.27 per share. GAAP EPS of $0.17 for Q1 were 5.6% lower than the prior-year quarter's $0.18 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 57.0%, 640 basis points better than the prior-year quarter. Operating margin was 32.1%, 820 basis points better than the prior-year quarter. Net margin was 4.2%, 110 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $145.6 million. On the bottom line, the average EPS estimate is $0.42.

Next year's average estimate for revenue is $605.9 million. The average EPS estimate is $1.99.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 382 members out of 395 rating the stock outperform, and 13 members rating it underperform. Among 90 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 88 give Hornbeck Offshore Services a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Hornbeck Offshore Services is outperform, with an average price target of $50.58.

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This article was originally published as Hornbeck Offshore Services Crushes Earnings Estimateson Fool.com

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