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On April 22, 2009,
(CKH - Get Report)
reported that its Q1 FY09 earnings surged 44.6% on higher revenue and gain on asset disposition and impairments. Net income for the latest first quarter soared to $52.99 million or $2.36 per share from $36.65 million or $1.50 per share in Q1 FY08. The latest quarterly earnings topped the most recent consensus estimate of $1.94 per share.
Operating revenues grew 12.7% to $399.52 million from $354.46 million in the corresponding quarter last year, driven by higher revenue from the Offshore Marine Services and Commodity Trading segments. Offshore Marine Services revenue rose 6.6% to $164.78 million from $154.65 million in Q1 FY08. Within this segment, the number of days available for charter in Q1 FY09 decreased by 6.0%. Overall utilization decreased 660 basis points to 80.90% from 87.50%, and overall average day rates increased 3.0% to $12,777 per day from $12,402 per day in the preceding quarter. Revenue from Inland River Services grew 22.8% to $37.01 million, while Aviation Services revenue rose 10.4% to $59.39 million. Similarly, revenue from the Commodity Trading segment more than doubled to $64.50 million from $28.67 million, while Harbor and Offshore Towing revenue was $16.35 million, up 0.5% from $16.26 million. On the flipside, revenue from the Marine Transportation and Environmental Services segments slipped 8.3% and 19.5% to $26.54 million and $34.23 million, respectively.
The company's unfunded capital commitments at the end of Q1 FY09 consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.60 million, of which $87.00 million is payable during FY09 and the balance payable through FY10.