Seacor Holdings reported a net loss of $11.2 million in the first quarter of 2013, compared with a net profit of $36.4 million in the first quarter of 2012.
Quarterly operating revenue for the marine equipment and services provider was $267.1 million, down from $297.8 million in the same period last year.
Operating income from offshore marine services in the first quarter was $5.2 million on operating revenue of $124.0 million, falling from $19.3 million on operating revenue of $141.1 million in the final quarter of 2012. For inland river services, operating income was $3.3 million on operating revenue of $50.1 million, down from an operating income of $8.9 million on operating revenue of $66.5 million in the previous quarter. Operating income from shipping services was $3.8 million on operating revenue of $46.5 million, versus an operating income of $5.7 million on operating revenue of $46.3 million. The ethanol and industrial alcohol segment reported a loss of $3.3 million on operating revenue of $32.8 million, compared with a segment loss of $2.2 million on operating revenue of $42.3 million in the previous quarter.
“We are very unhappy with our results for both this quarter and the fourth quarter of 2012,” said Charles Fabrikant, executive chairman of the board, in a written statement. He explained that the “disappointing” results were primarily driven by a large seasonal swing in revenues and expenses that negatively affected the lift boat business, reduced barge activity levels for the inland group's dry cargo fleet, an impairment charge for two harbor tugs and poor results from an ethanol investment.
“We believe the outlook for offshore activity in the U.S. Gulf of Mexico is positive, however, and we are also evaluating various paths to return our ethanol operation to profitability,” Fabrikant added.