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SEACOR Marine swings to Q3 loss as liftboat maintenance, Middle East weakness weigh

By Reuters News


Overview

  • Marine transport firm's Q3 revenue fell 3% yr/yr

  • Company posted Q3 net loss, reversing net income from prior year

  • Improved PSV performance was offset by liftboat maintenance and Middle East project delays


Outlook

  • Company expects delivery of two newbuild PSVs in coming months

  • Company did not provide specific financial guidance for future quarters or the full year in its press release


Result Drivers

  • PSV PERFORMANCE - Co said higher utilization, day rates and margins in its PSV fleet supported operating performance

  • LIFTBOAT MAINTENANCE - Ongoing maintenance for two premium liftboats offset positive trends, per CEO

  • MIDDLE EAST DELAYS - Co said lower FSV utilization in Middle East was due to delays in construction and drilling projects


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Revenue

Beat

$57.30 mln

$52.99 mln (1 Analyst)

Q3 Loss Per Share

$0.36

Q3 Net Loss

$9.50 mln

Q3 Operating Loss

$1.40 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas transportation services peer group is "buy"

  • Wall Street's median 12-month price target for SEACOR Marine Holdings Inc is $11.00, about 24.4% above its October 27 closing price of $8.84


Reuters Recommended Reads

  • Oct 28 - Oilfield services firms lean on Middle East rebound but risks persist

  • Oct 27 - NOV Q3 revenue beats estimates on Middle East demand

  • Oct 27 - Nabors Q3 revenue beats estimates


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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