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Mar 31, 2020
Helix Q1 2020 Earnings Report
Reported a net loss due to goodwill impairment and impacted by COVID-19 pandemic.
Key Takeaways
Helix Energy Solutions Group reported a net loss of $11.9 million for the first quarter of 2020, compared to a net income of $1.3 million for the same period in 2019. The results were impacted by a goodwill impairment charge and tax benefits. Despite a slow start, the company expects to generate positive free cash flow in 2020.
First quarter was slow due to seasonal slowdown and vessel maintenance.
Commenced operations on the Q7000 with strong execution.
Robotics segment continues to expand into the renewables industry.
Capital spending was cut and operations are being adjusted due to COVID-19 and commodity price drops.
Revenue by Segment
Forward Guidance
Company expects to generate positive free cash flow in 2020 and continue to protect the balance sheet.
Positive Outlook
- Expect to generate positive free cash flow in 2020
- Continue to protect our balance sheet
- Q7000 commenced operations with strong execution on its first project
- Robotics segment continues to expand its offerings to the renewables industry
- Extended our Q5000 Loan to align its final maturity with our expected cash flow generation in the second half 2020
Challenges Ahead
- First quarter was slow due to the seasonal slowdown in the North Sea
- Planned maintenance and regulatory inspections on five of our Well Intervention vessels carried out during the quarter
- Overshadowed by the ongoing COVID-19 pandemic
- Precipitous drop in commodity prices
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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