Helix Energy Earnings: Why HLX Stock Is Surging 5% Today

Helix Energy (NYSE:HLX) earnings for the energy company’s third quarter of 2020 have HLX stock taking off on Thursday. That’s thanks to its diluted earnings per share of 16 cents stomping Wall Street’s flat EPS estimate. It’s revenue of $193.49 million also beats out analysts’ estimates of $179.65 million.

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Let’s take a closer look at the most recent earnings report from Helix Energy below.

  • Diluted per-share earnings are down 23.8% from 21 cents during the same time last year.
  • Revenue for the quarter comes in 9% lower than the $212.61 million reported in Q3 2019.
  • Operating income of $19.02 million is a 51.2% decline year-over-year from $39 million.
  • The Helix Energy earnings report also has net income coming in at $24.5 million.
  • That’s a 22.7% drop from the company’s net income of $31.7 million in the same period of the year prior.

Owen Kratz, president and CEO of Helix, Energy, said this in the earnings report.

“Our third quarter operating results improved sequentially despite lower revenue, as we maintain strict cost control measures during this difficult time. COVID-19 continues to affect us, both in our operations and customer demand for our services, and we expect this to persist until the pandemic is resolved.”

Helix Energy doesn’t include guidance for Q4 in its earnings report. Even so, we know what Wall Street expects. That includes diluted loss per share of 7 cents on revenue of $147.55 million.

HLX stock was up 5.4% as of noon Thursday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/helix-energy-earnings-boost-hlx-stock/.

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