Seacor 4Q profit sinks |
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Fri, 23 Feb 2007 15:07
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FORT LAUDERDALE, Fla. (AP) - Seacor Holdings Inc., which provides offshore services to the oil industry, on Thursday said fourth-quarter profit fell sharply from a year-ago quarter inflated by large, one-time gains amid modest sales growth.Net income sank to $58.4 million, or $2.12 per share, from $106.5 million, or $3.76 per share, a year ago. Analysts polled by Thomson Financial expected the company to earn $2.20 per share in the latest quarter.Seacor noted that the fourth quarter of 2005 included an income tax benefit of $46.2 million and a foreign currency gain of $10.7 million, while the recent quarter was saddled with $6.6 million in losses on marketable security transactions.Revenue edged higher to $337.2 million from $334.1 million.The company's offshore marine services segment saw slightly lower revenue as weaker demand for its support vessels and its overall smaller fleet size offset increased contract rates. Utilization of Seacor's fleet fell to 82.3 percent from 87.7 percent in the quarter, although average daily charter rates improved to $10,447 per day from $9,564 per day.Revenue declined in Seacor's marine transportation, inland river and aviation services businesses, while sales in the environmental services unit rose.Full-year earnings rose to $234.4 million, or $8.44 per share, from $170.7 million, or $6.95 per share, in 2005. Revenue for 2006 increased to $1.32 billion from $972 million.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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