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What: Shares of marine services provider Hornbeck Offshore Services
So what: Revenue rose 26% to $122.7 million on strong demand for drilling around the world. Earnings per share were $0.49, crushing the $0.20 per share analysts had expected. The higher profit was helped by a higher utilization rate of the company's equipment.
Now what: Hornbeck is riding a wave of new drilling not only in the Gulf of Mexico, but in locations like Brazil and Angola. The company has quickly turned around a business that lost money the last three quarters and the trend suggests that will only continue. The recent run-up in shares makes me a little cautious, but I like the offshore drilling space that Hornbeck is a part of, and I think the industry will continue to grow.
Interested in more info on Hornbeck Offshore? Add it to your watchlist by clicking here.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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