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Jun 30, 2024
Helix Q2 2024 Earnings Report
Helix reported strong results driven by seasonal activity increase and segment improvements.
Key Takeaways
Helix Energy Solutions Group reported a net income of $32.3 million for Q2 2024, a significant increase compared to the net loss in Q1 2024 and the net income in Q2 2023. The company's performance was boosted by improvements across all segments, particularly the Robotics segment, and was aided by the settlement of the Alliance earn-out obligation and the retirement of the 2026 convertible notes.
Net income was $32.3 million, or $0.21 per diluted share, compared to a net loss of $26.3 million in Q1 2024.
Adjusted EBITDA was $96.9 million, up from $47.0 million in Q1 2024 and $71.3 million in Q2 2023.
Robotics segment outperformed, driven by trenching and renewables operations in the North Sea and Asia Pacific.
Shallow Water Abandonment segment results reflected softening in that market.
Revenue by Segment
Forward Guidance
The company anticipates further improvements in 2025, focusing on the execution of its Energy Transition strategy.
Positive Outlook
- Focus on Energy Transition strategy
- Seasonal pick-up in activity in the North Sea
- Seasonal pick-up in activity in the Gulf of Mexico shelf
- improvements in all segments
- strong results with trenching and renewables operations in the North Sea and Asia Pacific
Challenges Ahead
- Near-term softening in the Shallow Water Abandonment market
- Working capital outflows
- Seasonally lower activity levels on the Gulf of Mexico shelf
- Softer Gulf of Mexico shelf market in 2024
- Lower vessel and system utilization
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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