Why Helix Energy Solutions Stock Tanked 10% at the Open Today

Shares of energy services provider Helix Energy Solutions (NYSE: HLX) fell just over 10% in the first few minutes of trading on July 27. The main driver for the swift decline was the company's after-the-close earnings release on July 26. Investors had plenty of reason to be upset.

Helix Energy Solutions posted revenue of roughly $162 million in the second quarter of 2021, down from a touch more than $199 million in the same quarter of 2020. That's a nearly 19% decline.

The energy company lost $0.09 per share in the quarter, a notable drop from its $0.04 profit in the second quarter last year. And adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell almost 50% year over year in the quarter.

Source Fool.com