Helix Energy Solutions Q1 Profit Rises - Quick Facts

(RTTNews) - Helix Energy Solutions Group, Inc. (HLX) reported net income of $53.7 million, or $0.51 per share, for the first quarter of 2014 compared to $1.6 million, or $0.02 per share, previous year. The company noted that its first-quarter results include a $10.5 million gain on the sale of former spoolbase facilities located in Ingleside, Texas, and a $7.2 million insurance reimbursement settlement related to former oil and gas business. These items contributed $0.11 of after-tax earnings per share in the first quarter of 2014.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.33 for the quarter. Analysts' estimates typically exclude special items.

Net revenues rose to $253.57 million from $197.43 million, previous year. Analysts expected revenue of $227.65 million for the quarter.

Owen Kratz, CEO of Helix, said, "We successfully introduced the Helix 534 to our well intervention fleet in the first quarter and the vessel is off to a good start. We also realized better than expected Robotics activity in the first quarter of 2014; our Robotics unit is projected to have a much stronger 2014 versus 2013."