Helix Energy reported Q2 results exceeding expectations with strong revenue growth. Adjusted EBITDA reached new highs despite a $85 million earn out payment. Management expects a significant increase in EBITDA due to improved market conditions. Free cash flow could exceed $200 million next year, enhancing financial strength. Price target increased from $13.50 to $16.00, offering substantial upside potential.
Helix Energy reported $0.21 earnings per share, beating estimates by 16.67%. Quarterly revenues reached $364.8 million, surpassing estimates by 3.29%. HLX shares have gained 23.7% this year, outperforming the S&P 500's 16.5%. Zacks Rank indicates HLX as a #3 (Hold) stock; mixed estimate outlook. The Oil and Gas - Field Services industry is in the bottom 13% of Zacks rankings.
- Revenues for Q1 2024 were $296 million with a gross profit of $20 million - Net loss of $26 million driven by extinguishment of convertible notes - Adjusted EBITDA was $47 million, operating cash flow of $64 million, and free cash flow of $61 million in Q1 2024 Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Earnings
