GulfMark Offshore Q4 Profit Falls

(RTTNews) - GulfMark Offshore, Inc. (GLF) reported net income for the fourth quarter of $7.3 million or $0.29 per share, compared to $25.6 million or $0.97 per share for the year-ago quarter.

Excluding items, adjusted earnings for the latest quarter were $0.17 per share.

Revenue for the fourth quarter fell to $116.12 million from $124.57 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $116.34 million for the fourth quarter. Analysts' estimates typically exclude special items.

After purchasing $48 million worth of its own shares in the fourth quarter, representing about 6% of the company, the company has stopped purchasing shares. Additionally, the company's Board of Directors, after careful consideration of current market conditions, the company's outlook and the uncertainty in the macro environment, has decided to suspend the dividend.

Looking forward, the company forecasts revenue of $85 million to $90 million for the first quarter and $350 million to $400 million for the full year 2015.

Analysts currently expect the company to post revenue of $115.69 million for the first quarter and $485.95 million for the full year 2015.