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.
The company anticipates further improvements in 2025, focusing on the execution of its Energy Transition strategy.
Visualization of income flow from segment revenue to net income
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