GulfMark Offshore Results Miss Estimate, Cuts FY Guidance; Stock Down 8%

(RTTNews) - GulfMark Offshore Inc (GLF) Monday reported third-quarter net earnings of $24.3 million or $0.92 per share compared with $32.3 million or $1.23 per share last year.

Excluding items, adjusted earnings for the quarter were $0.75 per share.

Revenues for the quarter were $128.7 million compared with $121.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.82 per share on revenues of $134.3 million for the quarter. Analysts' estimates typically exclude special items.

CEO Quintin Kneen said, "The global offshore vessel market flattened in the third quarter as fewer offshore drilling rigs were utilized than anticipated... In contrast, the Southeast Asia market remained challenged as national oil companies in the region have been slow to award new contracts, compounded by an increasing supply of offshore vessels in that region."

Looking ahead to the fourth quarter, the company expects revenues of $110 million to $115 million, while analysts expect $136.5 million.

For the full year, the company projects revenues of $490 million to $495 million, down from prior guidance of $510 million to $525 million. Analysts expect revenues of $519 million.

GulfMark Offshore provides offshore marine support and transportation services primarily to companies involved in the offshore exploration and production of oil and natural gas.