(GMRK) - GulfMark Offshore, Inc - topped analysts’ earnings expectations in five out of the past eight quarters by an average margin of 67.2%

GulfMark Offshore, Inc. (GMRK), a Zacks #1 Rank stock, recently beat the Street’s third-quarter earnings estimate by an impressive 80.7%. The company also posted record revenues for the quarter. Consensus estimates have shot upward since the company announced its third-quarter results. GMRK has a price-to-book ratio of 1.8, compared to 4.8 for the market. Full Analysis GulfMark Offshore, Inc., together with its subsidiaries, provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas. The majority of the company’s operations are conducted in the North Sea, with the balance in offshore Southeast Asia, Brazil, West Africa and India. GMRK topped analysts’ earnings expectations in five out of the past eight quarters by an average margin of 67.2%. On the five occasions in which the company surprised to the upside, two quarters produced triple-digit percentage surprises while the other three marked double-digit surprises to the upside. On Nov 1, GMRK reported third-quarter profits of $33.3 million, or $1.59 per share. The result crushed the consensus earnings estimate of 88 cents by 80.7%. With earnings of 63 cents per share in the prior-year period, the result amounted to a 152.4% year-over-year improvement. Revenues soared 43.0% to $75.8 million from $53.0 million a year earlier and marked an all-time high for the company. President and COO Bruce Streeter stated, “The outstanding quarterly performance is the direct result of being strategically positioned to take full advantage of a strong market and having been prepared for the anticipated seasonal impact.” For the first nine months of the year, profits ballooned to $59.1 million from $30.2 million for the first nine months of 2005. Revenues experienced a 19.3% jump to $181.9 million from $152.5 million. Consensus estimates have shot upward since the company announced its third-quarter results. Profit forecasts for this quarter and next increased 14.6% and 17.4%, respectively, over the past week. Estimates for this year and next year have risen 32.1% and 18.1%, respectively, over the same period of time. GMRK has placed an emphasis on improving and adding to its fleet of vessels. The company has nine owned vessels currently under construction. The last vessel is scheduled for delivery in 2008 and will bring GMRK’s fleet to 57 owned and 12 managed vessels. GMRK is currently trading at a valuation of 12.6x trailing 12-month earnings and at 10.6x current fiscal-year estimated earnings. The market, as represented by the S&P 500, is trading at a valuation of 17.5x trailing 12-month earnings and at 16.4x its current fiscal-year estimated earnings. The company has a price-to-book ratio of 1.8, compared to 4.8 for the market. Its return on equity of 17% slightly tops the industry average of 16%. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. | Blog Home| VitalStocks Home