Helix Energy Slips To Loss

(RTTNews) - Helix Energy Solutions Group Inc. (HLX), a provider of specialty services to the offshore energy industry, on Monday reported a net loss of $2.6 million or $0.03 per share, compared to a profit of $57.8 million or $0.55 per share last year.

Revenues for the quarter were $166 million compared with $305.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $193.7 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter declined to 15% from 36% last year.

Selling, general and administrative expenses were 10% of revenue, compared to 6.7% of revenue in the prior year quarter.

CEO Owen Kratz said, "Our second quarter results are indicative of overall weak industry conditions in the oilfield services sector."