Hornbeck's third quarter revenue beat expectations following Helix merger despite adjusted EPS miss

Hornbeck Offshore Services reported third quarter 2026 revenue of $293.3 million, significantly exceeding estimates due to the strategic combination with Helix Energy Solutions. While the inclusion of Helix operations for one month boosted top-line results, adjusted diluted EPS of $0.13 fell short of the $0.19 consensus estimate. The company posted a GAAP net loss of $85.7 million, primarily driven by $119.8 million in one-time merger and integration costs.

Key Highlights

• Contracted revenue backlog reached approximately $1.9 billion as of September 30, 2026, with $792.8 million expected to be recognized in 2027.
• Marine Transportation segment performance improved, with average active vessel utilization rising to 76.7% and average dayrates increasing to $51,959.
• Management implemented $20 million in annualized cost savings to date and provided full-year 2027 Adjusted EBITDA guidance of $500 million to $550 million.