Gulfmark Offshore Beats on Both Top and Bottom Lines

Gulfmark Offshore (NYS: GLF) reported earnings on July 22. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), Gulfmark Offshore beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased. Non-GAAP earnings per share contracted. GAAP earnings per share contracted significantly.

Margins contracted across the board.

Revenue details
Gulfmark Offshore recorded revenue of $111.3 million. The six analysts polled by S&P Capital IQ wanted to see revenue of $105.3 million on the same basis. GAAP reported sales were 6.2% higher than the prior-year quarter's $104.9 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.44. The nine earnings estimates compiled by S&P Capital IQ predicted $0.33 per share. Non-GAAP EPS of $0.44 for Q2 were 6.4% lower than the prior-year quarter's $0.47 per share. GAAP EPS of $0.38 for Q2 were 28% lower than the prior-year quarter's $0.53 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 43.8%, 230 basis points worse than the prior-year quarter. Operating margin was 15.3%, 520 basis points worse than the prior-year quarter. Net margin was 8.9%, 450 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $119.2 million. On the bottom line, the average EPS estimate is $0.90.

Next year's average estimate for revenue is $444.2 million. The average EPS estimate is $2.39.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 438 members out of 444 rating the stock outperform, and six members rating it underperform. Among 94 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 93 give Gulfmark Offshore a green thumbs-up, and one give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Gulfmark Offshore is outperform, with an average price target of $47.33.

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