Seacor Holdings fell into the red side of the ledger, in great part due to non-recurring losses related to debt and Dorian LPG.
The New York-listed diversified owner posted a $4.7m net loss versus a $72.8m profit during the same period last year.
The company turned over a $0.26 loss per share compared to a $3.35 earnings per share (EPS) from a year ago, missing one analyst's EPS estimate of $0.54.
The one-off charges include a $6m debt extinguishment loss for repaying $10m in senior debt, compared to a $0.73m loss a year earlier.
The company also incurred a one-time $11.1m loss related to marketable securities held in Dorian LPG, of which Fabrikant is a founding shareholder.
Despite the losses, Seacor Holdings' revenue improved to $213.8m from $209.4m, mostly due to the company's Witt O'Brien's segment seeing revenue jump to $37.7m from $25.4m.
Inland Transportation & Logistics Services saw a smaller leap to $77.5m from $74.4m while Ocean Transportation & Logistics Services revenue declined to $97.4m from $109.4m.
'Results considerably better'
Fabrikant said he was "very pleased" with full-year results showing a $58.2m net income versus a $61.6m profit year-over-year.
"Even putting aside the benefit of a one off event such as the sale of Hawker Pacific, results were considerably better this year than 2017, although that is not apparent from headline GAAP numbers," he said.
"Unfortunately our Ocean Transportation and Logistics Group’s results were hobbled in the current quarter by extensive out of service days and significant costs associated with two major regulatory dockings."
He also noted the aforementioned negative one-time impacts, pointing out that they lowered EPS by $0.44 but contributed $4.51 EPS in the same three-month period in 2017.
"In judging our operating performance I believe these items should be noted in order to have meaningful comparisons of period results," he said.
Shares expected to head down
While the company is continuing to make progress in the inland transportation market and now has a pristine balance sheet, progress is very gradual, Stifel analyast Ben Nolan wrote in a note to clients.
"Given the loss and miss, we expect shares could trade down this morning."
Seacor Holdings' shares slipped almost 1% to $47.43 by mid-morning.