Hornbeck Offshore Services’ third-quarter profit dropped to $14.4 million, or 40 cents per share, compared to $26.6 million, or 72 cents per share, a year ago.
However, the third-quarter results were buoyed by the sale of an offshore service vessel to the Navy that resulted in a pre-tax gain of $11 million, or 19 cents per share. Without that sale, Hornbeck would have had a profit of $7.7 million, or 21 cents per share.
Stock analysts surveyed by Zacks Investment Research had forecast earnings of 28 cents per share for the company, which serves the offshore oil industry.
Hornbeck said it has now idled 27 of its new-generation offshore service vessels and expects to idle three more in the fourth quarter. The company had idled 18 of the vessels at midyear.
Day rates for the vessels dropped 9.1 percent to $25,699 from a year ago.