Filing Flows › Hornbeck Offshore Services (HOS) › Q1 2025
Hornbeck Offshore Services (HOS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
Hornbeck Offshore Services (HOS) reported revenue of $278M for the first quarter 2025 (Q1 2025), -6% from a year earlier and -22% from the quarter before. Operating margin was 2.9%, net earnings $3.1M (1.1% of revenue).
Hornbeck Offshore Services, Q1 2025: revenue $278M (-6% year over year), operating margin 2.9%, net earnings $3.1M, operating cash flow $16.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $278M | -22% | -6% |
| Gross profit | $27.5M | -53% | +41% |
| Operating profit | $8.2M | -74% | — |
| Net earnings | $3.1M | -85% | — |
| Operating cash flow | $16.4M | -79% | -75% |
| Free cash flow | $12.0M | — | -80% |
What changed
Revenue was $278.1M in Q1 2025, down 6% year over year and down 22% from the previous quarter. Production maximization was the largest line at 50% of revenue. Decommissioning lost $48.5M year over year (down 29%), 267% of the total change.
Gross margin was 9.9%, up 3.3 points from a year earlier. Operating profit was $8.2M, a 2.9% margin (up 3.4 points year over year). Operating expenses fell 7% while revenue fell 6%. Net earnings were $3.1M. The effective tax rate was 12.9%.
Operating cash flow was $16.4M (down 75% year over year), 535% of net earnings. Non-cash charges added back $42.5M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $30.8M. After capital expenditures, net of proceeds from asset sales and insurance recoveries ($4.5M), free cash flow as the company reports it was $12.0M.
Questions
What was Hornbeck Offshore Services' revenue in the first quarter 2025?
Hornbeck Offshore Services (HOS) reported revenue of $278M for the first quarter 2025 (Q1 2025), -6% from a year earlier and -22% from the quarter before.
Was Hornbeck Offshore Services profitable in the first quarter 2025?
Operating profit was $8.2M (2.9% of revenue) and net earnings $3.1M.