Hornbeck Offshore had more ships in the water in the first quarter of 2019, but remained in the red, falling short of analyst expectations.
The Louisiana-based, New York-traded company reported after the bell Wednesday that it lost $36.6m in the first three months of the year, versus a $24.2m loss year-over-year.
The figure represents a $0.97 loss per share, six cents lower than analysts had forecast.
The company reported higher revenues — $54m versus $41.6m for the same period last year — thanks to fewer ships stacked and slightly higher utilization rates.
Those ships, though, were earning slightly less than they did in the fourth quarter, with average dayrates for its new generation OSVs declining 6%. Additionally, expenses peeked up $4.4m to $40.4m year-over-year.
Hornbeck shares closed Wednesday down $0.04, or 3%, to $1.26.
