Market Overview

Helix Reports Second Quarter 2019 Results

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Helix Energy Solutions Group, Inc. ("Helix") (NYSE:HLX) reported net income of $16.8 million, or $0.11 per diluted share, for the second quarter of 2019 compared to $17.8 million, or $0.12 per diluted share, for the same period in 2018 and $1.3 million, or $0.01 per diluted share, for the first quarter of 2019. 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.

Helix reported Adjusted EBITDA1 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:

Summary of Results

($ in thousands, except per share amounts, unaudited)

 
Three Months Ended Six Months Ended

6/30/2019

 

6/30/2018

 

3/31/2019

 

6/30/2019

 

6/30/2018

Revenues

$

201,728

 

$

204,625

 

$

166,823

 

$

368,551

 

$

368,887

 

Gross Profit

$

39,934

 

$

42,897

 

$

16,254

 

$

56,188

 

$

55,880

 

 

20%

 

 

 

21%

 

 

 

10%

 

 

 

15%

 

 

 

15%

Net Income

$

16,823

 

$

17,784

 

$

1,318

 

$

18,141

 

$

15,224

 

Diluted Earnings Per Share

$

0.11

 

$

0.12

 

$

0.01

 

$

0.12

 

$

0.10

 

Adjusted EBITDA1

$

50,324

 

$

52,269

 

$

30,214

 

$

80,538

 

$

79,835

 

Cash and cash equivalents

$

261,142

 

$

288,490

 

$

220,023

 

$

261,142

 

$

288,490

 

Cash flows from operating activities

$

66,807

 

$

46,620

 

$

(34,246

)

$

32,561

 

$

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