Helix Energy Solutions Slips To Loss In Q1

(RTTNews) - Helix Energy Solutions Group Inc. (HLX) reported net loss of $11.9 million or $0.09 per share, for the first quarter 2020 compared to net income of $1.3 million or $0.01 per share, for the same period in 2019.

The latest-quarter results were impacted by a non-cash pretax goodwill impairment charge of $6.7 million related to majority-owned subsidiary, Subsea Technologies Group Limited, and net tax benefits of $8.3 million related to certain foreign subsidiary tax restructurings and $5.8 million related to the U.S. tax law changes under the CARES Act enacted in March 2020.

Net revenues for the quarter were $181.02 million up from $166.82 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.14 per share and revenues of $158.9 million. Analysts' estimates typically exclude special items.