Helix Energy Solutions Group, Inc. (NYSE: HLX), a leading provider of specialty services to the offshore energy industry, saw its shares surge 6.5% in pre-market trading on Tuesday, February 25, 2025. The stock rally was driven by the company's better-than-expected financial results for the fourth quarter and full year 2024, as well as a robust outlook for the coming year.

For the fourth quarter of 2024, Helix reported revenue of $355.13 million, beating analysts' estimates of $311.69 million by a significant margin. The company's adjusted earnings per share (EPS) for the quarter came in at $0.13, surpassing the consensus estimate of $0.09 by a substantial 44.44%. Compared to the same period last year, Helix's revenue increased by 5.96%, while its EPS soared from a loss of $0.19 per share to a profit of $0.13.

Helix's strong performance was underpinned by improved operational efficiency, higher utilization rates, and favorable pricing trends across its core business segments. The company's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the fourth quarter stood at $71.64 million, exceeding analysts' expectations of $63.2 million and representing a year-over-year increase.

For the full year 2024, Helix reported revenue of $1.36 billion, up from $1.29 billion in 2023. The company's adjusted EBITDA for the year reached $303.15 million, reflecting an 11% increase compared to the previous year. Helix's net income for 2024 was $55.64 million, a significant improvement from the net loss of $10.84 million recorded in 2023.

Commenting on the results, Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our full-year results for 2024 reflect our third consecutive year of revenue and EBITDA growth, with our highest EBITDA since 2014, despite a pull-back in our Shallow Water Abandonment segment." He further added, "We continue to execute on our capital allocation framework, and we've now repurchased over $40 million in our shares and expect to increase repurchases in 2025."

Helix's strong performance and positive outlook have been well-received by investors, as evidenced by the surge in the company's stock price in pre-market trading. With improved market conditions, increased demand for its services, and a robust backlog of projects, Helix Energy Solutions appears well-positioned for continued growth and profitability in the coming year.