Hornbeck Offshore says fourth-quarter profit fell to $9.3M as sales plunged 27 percent

Hornbeck Offshore 4Q profit, sales fall

COVINGTON, La. — Oil transporter Hornbeck Offshore Services Inc. reported Thursday that its fourth-quarter profit fell 73 percent to $9.3 million as sales plunged 27 percent. It also gave a weak outlook for 2010 earnings, sending its stock down more than 9 percent.

The earnings for the three-month period ended Dec. 31 were equivalent to 34 cents a share, compared to a profit of $34.6 million, or $1.29 a share, a year earlier.

Excluding a 2 cents per share gain on the sale of six single-hulled tank barges, quarterly profit was 32 cents a share.

Revenue in the quarter fell to $88.3 million from $121.0 million a year earlier.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting fourth-quarter earnings of 33 cents a share on revenue of $88.4 million.

Full-year profit came to $50.4 million, or $1.87 a share, compared to a profit of $115.8 million, or $4.29 a share, a year earlier. Annual revenue fell to $385.9 million from $432.1 million a year earlier.

The company expects earnings per share for fiscal 2010 to range between 58 cents and $1.50. On an adjusted basis, it expects full-year earnings of 81 cents a share to $1.73 a share.

Analysts expected 2010 earnings of $2.48 a share, and typically exclude one-time items in their estimates.

Hornbeck Offshore shares fell $1.92, or 9.5 percent, to $18.30 in afternoon trading.