Hornbeck Offshore Services Adds 6% After Smaller-than-Expected Q4 Adj Loss Per Share, Sales Miss

Hornbeck Offshore Services (HOS) jumped 6% after the company said Q4 sales fell 8% sequentially and down 4.1%, from the year-ago period to $53.9 million and missed the CapIQ mean for $56.5 million.

Adjusted net loss was $0.79 per share, better than estimates for an $0.84 loss.

Diluted loss per share narrowed to $0.64 from a loss of $0.83 last quarter and a profit of $2.48 in the year-ago period.

It projects that, even with the currently depressed operating levels, cash generated from operations together with cash on hand should be sufficient to fund its operations and commitments through at least March 31, 2020. However, absent the combination of a significant recovery of market conditions such that cash flow from operations were to increase materially from projected levels, coupled with the refinancing and/or further management of its funded debt obligations, the company does not currently expect to have sufficient liquidity to repay the remaining balance of its 5.875% Senior Notes and its 5.000% Senior Notes as they mature in fiscal years 2020 and 2021, respectively.