Helix Books Slight Drop in Quarterly Profits

Helix Energy Solutions has reported net income of $16.8 million, or $0.11 per diluted share, for the second quarter of 2019 compared to $17.8 million of $0.12 for the same period in 2018.

Quarterly revenues fell from $205 million in Q2 2018 at $202 million.

Net income for the six months ended June 30, 2019 was $18.1 million, or $0.12 per diluted share, compared to $15.2 million, or $0.10 per diluted share, for the six months ended June 30, 2018.

Sequentially, results improved from profit of $1.3 million, or $0.01 per diluted share.

Helix reported Adjusted EBITDA of $50.3 million for the second quarter of 2019 compared to $52.3 million for the second quarter of 2018 and $30.2 million for the first quarter of 2019. Adjusted EBITDA for the six months ended June 30, 2019 was $80.5 million compared to $79.8 million for the six months ended June 30, 2018. The table below summarizes our results of operations:

Well Intervention revenues decreased from $162 million in the second quarter of 2018 at $159 million in Q2 2019.

Robotics revenues increased at $45 million from the second-quarter 2018 revenues of $39 million.

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