SEACOR Holdings Inc. (CKH, Financial) filed Quarterly Report for the period ended 2012-09-30.
Seacor Holdings Inc has a market cap of $1.76 billion; its shares were traded at around $84.15 with a P/E ratio of 35.7 and P/S ratio of 0.8. Seacor Holdings Inc had an annual average earning growth of 18.6% over the past 10 years.
Operating Revenues. Operating revenues were $111.7 million higher in the Current Nine Months compared with the Prior Nine Months. Current Nine Months results included the contributions of the Company's wind farm utility vessels and liftboats that were acquired on December 22, 2011 and March 30, 2012, respectively. The wind farm utility vessels contributed $20.3 million of time charter revenues with an average day rate of $2,717 per day and a utilization rate of 92%. The liftboats contributed $50.9 million of operating revenues of which $47.0 million was time charter revenue with an average day rate of $18,738 per day and a utilization rate of 76%.
In the U.S. Gulf of Mexico, time charter revenues were $80.0 million higher primarily due to firmer market conditions during the first quarter of 2012 and the contribution of the liftboats. Excluding the contribution of the liftboats, time charter revenues were $33.0 million higher in the Current Nine Months compared with the Prior Nine Months. Net fleet additions increased time charter revenues by $4.4 million. Higher average day rates and improved utilization increased time charter revenues by $12.2 million and $19.3 million, respectively. The repositioning of vessels between geographic regions and other changes in fleet mix combined to increase time charter revenues by $0.5 million. The net effect of cold-stacking vessels, primarily due to the cold-stacking of three anchor handling towing supply vessels during the Current Year Quarter, was a reduction of $3.4 million in time charter revenues. As of September 30, 2012, the Company had three vessels cold-stacked in this region compared with seven as of September 30, 2011.
In Europe, excluding the $20.3 million contribution of the wind farm utility vessels, time charter revenues were $1.0 million higher. Time charter revenues were $3.1 million higher due to improved average day rates and $2.1 million higher due to a vessel that repositioned into the region. Lower utilization, vessel dispositions and unfavorable changes in currency exchange rates decreased time charter revenues by $1.0 million, $2.0 million and $1.2 million, respectively.
Equity in losses of 50% or less owned companies. During the Current Year Quarter and Current Nine Months, the Company recognized $2.2 million and $1.5 million, respectively of equity in losses of 50% or less owned companies, net of tax, primarily from its Argentinian joint venture as a result of difficult operating conditions and provisions for uncertain insurance recoveries related to facility damage sustained in 2011. During the Prior Year Quarter and Prior Nine Months, the Company recognized $2.8 million and $3.2 million, respectively of equity in earnings of 50% or less owned companies, net of tax, primarily due to the recognition of a $2.3 million gain, net of tax, following the acquisition of a 100% controlling interest in Soylutions LLC.
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Seacor Holdings Inc has a market cap of $1.76 billion; its shares were traded at around $84.15 with a P/E ratio of 35.7 and P/S ratio of 0.8. Seacor Holdings Inc had an annual average earning growth of 18.6% over the past 10 years.
Highlight of Business Operations:
Operating Revenues. Operating revenues were $41.0 million higher in the Current Year Quarter compared with the Prior Year Quarter. Current Year Quarter results included the contributions of the Company's wind farm utility vessels and liftboats that were acquired on December 22, 2011 and March 30, 2012, respectively. The wind farm utility vessels contributed $7.6 million of time charter revenues with an average day rate of $2,882 per day and a utilization rate of 96%. The liftboats contributed $29.0 million of operating revenues of which $26.9 million was time charter revenues with an average day rate of $19,830 per day and a utilization rate of 82%.Operating Revenues. Operating revenues were $111.7 million higher in the Current Nine Months compared with the Prior Nine Months. Current Nine Months results included the contributions of the Company's wind farm utility vessels and liftboats that were acquired on December 22, 2011 and March 30, 2012, respectively. The wind farm utility vessels contributed $20.3 million of time charter revenues with an average day rate of $2,717 per day and a utilization rate of 92%. The liftboats contributed $50.9 million of operating revenues of which $47.0 million was time charter revenue with an average day rate of $18,738 per day and a utilization rate of 76%.
In the U.S. Gulf of Mexico, time charter revenues were $80.0 million higher primarily due to firmer market conditions during the first quarter of 2012 and the contribution of the liftboats. Excluding the contribution of the liftboats, time charter revenues were $33.0 million higher in the Current Nine Months compared with the Prior Nine Months. Net fleet additions increased time charter revenues by $4.4 million. Higher average day rates and improved utilization increased time charter revenues by $12.2 million and $19.3 million, respectively. The repositioning of vessels between geographic regions and other changes in fleet mix combined to increase time charter revenues by $0.5 million. The net effect of cold-stacking vessels, primarily due to the cold-stacking of three anchor handling towing supply vessels during the Current Year Quarter, was a reduction of $3.4 million in time charter revenues. As of September 30, 2012, the Company had three vessels cold-stacked in this region compared with seven as of September 30, 2011.
In Europe, excluding the $20.3 million contribution of the wind farm utility vessels, time charter revenues were $1.0 million higher. Time charter revenues were $3.1 million higher due to improved average day rates and $2.1 million higher due to a vessel that repositioned into the region. Lower utilization, vessel dispositions and unfavorable changes in currency exchange rates decreased time charter revenues by $1.0 million, $2.0 million and $1.2 million, respectively.
Equity in losses of 50% or less owned companies. During the Current Year Quarter and Current Nine Months, the Company recognized $2.2 million and $1.5 million, respectively of equity in losses of 50% or less owned companies, net of tax, primarily from its Argentinian joint venture as a result of difficult operating conditions and provisions for uncertain insurance recoveries related to facility damage sustained in 2011. During the Prior Year Quarter and Prior Nine Months, the Company recognized $2.8 million and $3.2 million, respectively of equity in earnings of 50% or less owned companies, net of tax, primarily due to the recognition of a $2.3 million gain, net of tax, following the acquisition of a 100% controlling interest in Soylutions LLC.
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