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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Daniel M. Whipple who wrote (17149)3/30/1998 10:02:00 AM
From: jad  Read Replies (1) of 95453
 
HVIDE MARINE INC. (HMAR) 19 1/4 CLOSED. Shares of offshore transportation concern are expected to open lower this morning after the company warned that Q1 results would come in below market expectations due to lower utilization rates in its offshore energy support business. Still, the marine transportation company expects Q1 earnings to come in above year-ago profit of $0.33 a share on revenues of $39.65 million. According to Hvide marine, it expects Q1 results to come in about 25% below Wall Street expectations of $0.57 a share. Hence, HMAR expects earnings of about $0.43 a share. In the preceding quarter, Hvide Marine earned $0.56 a share on revenues of $67.4 million. The stock and the sector is already very much beaten up and further downward pressure following the earnings warning may be limited. More important than the earnings warning will be the outcome of today's OPEC meeting. If OPEC agrees to cut production and reach a more solid consensus on production levels, this could be more meaningful for this marine transportation company than the actual earnings miss. because of the uncertainty about the outcome of today's meeting, the stock will nonetheless trade lower.

From Briefing this morning!
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