GulfMark Proft Misses Targets, Stock Falls

GulfMark Offshore(GLF Quote) barely missed Wall Street profit targets for its first quarter, prompting shares in the company to drop 7% in afternoon trading Monday.

Excluding one-time charges, earnings for the period came in at $43.2 million, or $1.32 a share, a penny below analysts' estimates, according to Thomson Reuters, but up more than 25% from the year-ago period's $34.4 million. Revenue, meanwhile, rose 30.5% to $108.8 million from $83.3 million in the 2008 first quarter.

The Houston shipping company, which services offshore oil rigs, recorded a huge charge in the quarter: $46.2 million before taxes, or $1.16 a share, which represents the full amount it had so far paid a shipyard for a contract to build three 245-foot boats for delivery in 2010. GulfMark pulled the contracts over purported construction delays.

Including the charge, which was previously announced, the company's net income was $14.2 million, or 56 cents a share.

GulfMark shares closed Monday at 26.83 down 9.24%, or $2.73.