Cal Dive International Earnings: Here’s Why Investors are Buying Shares Now
Cal Dive International Inc (NYSE:DVR) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.91%.
Cal Dive International Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.02 in the quarter versus EPS of $-0.06 in the year-earlier quarter.
Revenue: Rose 0.57% to $121 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cal Dive International Inc reported adjusted EPS loss of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.06. It beat the average revenue estimate of $116.91 million.
Quoting Management: Commenting on the results and the contract award, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The second quarter saw increased revenue and profitability from all of our international regions. For the quarter our international revenues increased by over 60% when compared to the second quarter 2012 and accounted for 65% of our total consolidated revenues. We continue to focus on our strategy of expanding our international operations, and expect that approximately 70% of our total 2013 annual consolidated revenues will come from international locations, led by work in Mexico.”
Key Stats (on next page)…