Oceaneering Earnings Reports

Oceaneering delivered a strong Q4 2024 performance with a 9% year-over-year increase in revenue, reaching $713.45 million. Operating income surged 64% to $77.88 million, and net income rose 26% to $56.1 million. Adjusted EBITDA crossed the $100 million mark for the first time since 2016, highlighting the company’s robust operational efficiency.

Oceaneering reported net income of $41.2 million, or $0.40 per share, on revenue of $680 million for Q3 2024. The company saw consistent activity levels in its energy-focused businesses, with notable operating performance improvements year-over-year in its Subsea Robotics (SSR) and Manufactured Products segments. Consolidated third quarter operating income was 23% higher on a 7% increase in revenue compared to the same quarter last year. The company repurchased shares during the quarter for the first time since 2015.

Oceaneering reported net income of $35.0 million, or $0.34 per share, on revenue of $669 million for the second quarter of 2024. The company's adjusted EBITDA was in line with guidance and consensus estimates. They anticipate continued high levels of activity in offshore markets throughout the remainder of the year.

Oceaneering reported a net income of $15.1 million, or $0.15 per share, on revenue of $599 million for Q1 2024. The company's adjusted EBITDA was higher than guided due to better-than-expected activity levels. Consolidated operating income increased by 37% compared to the same quarter last year, driven by higher revenue in all business segments except for Offshore Projects Group.

Oceaneering reported a net income of $44.5 million on revenue of $655 million for Q4 2023. The company's consolidated adjusted EBITDA was $75.1 million, and free cash flow was $119 million. Secured order intake with expected contract value of $739 million. The company expects continued improvement in financial performance and condition, including another year of meaningful free cash flow generation.

Oceaneering reported net income of $29.8 million, or $0.29 per share, on revenue of $635 million for the three months ended September 30, 2023. The results were primarily due to increased activity and improved pricing in the Offshore Projects Group (OPG) and Subsea Robotics (SSR) segments, as well as improvements in Aerospace and Defense Technologies (ADTech).

Oceaneering reported net income of $19.0 million on revenue of $598 million for Q2 2023. The company's energy-focused businesses demonstrated improvements from accelerating deepwater fundamentals, with an 18% increase in revenue and nearly a 100% increase in operating income compared to the first half of 2022. The company narrowed its adjusted EBITDA guidance by raising the lower bound of the previous range and adjusting the range higher for projected free cash flow.

Oceaneering reported net income of $4.1 million, or $0.04 per share, on revenue of $537 million for Q1 2023. The results came in higher than guided, on better-than-expected revenue. The company is maintaining its original adjusted EBITDA guidance range for the year.

Oceaneering International reported a net income of $23.1 million on revenue of $536 million for Q4 2022. The company's adjusted EBITDA was $70.0 million, and it generated $134 million in free cash flow. The company is optimistic about 2023, expecting revenue growth and improved financial performance.

Oceaneering reported net income of $18.3 million, or $0.18 per share, on revenue of $560 million for the three months ended September 30, 2022. Adjusted consolidated EBITDA was $77.6 million, exceeding guidance and consensus estimates. The company anticipates increased activity and improved operating performance across each of its operating segments in 2023.

Oceaneering reported a net income of $3.7 million on revenue of $524 million for Q2 2022. The resurgence of offshore activity is materializing, particularly in the Subsea Robotics and Offshore Projects Group segments, which recorded their highest operating incomes since the beginning of 2018.

Oceaneering reported a net loss of $19.2 million, or $(0.19) per share, on revenue of $446 million for Q1 2022. The company experienced higher costs for hiring and training personnel and mobilization of equipment, primarily impacting its energy segments. However, each operating segment generated positive operating income and EBITDA.

Oceaneering International Inc. reported Q4 2021 results with revenue of $467 million and a net loss of $38.8 million, or $(0.39) per share. Adjusted net income was $5.0 million, or $0.05 per share. Cash flow from operations was $140 million, yielding free cash flow of $126 million. The company's cash position increased by $90.4 million to $538 million.

Oceaneering reported a net income of $6.2 million, or $0.06 per share, on revenue of $498 million for the three months ended June 30, 2021. Adjusted net income was $10.4 million, or $0.10 per share. Based on the first half financial performance and expectations for the second half of 2021, the adjusted EBITDA guidance was raised to a range of $200 million to $225 million for the full year.

Oceaneering reported a net loss of $9.4 million, or $(0.09) per share, on revenue of $438 million for the three months ended March 31, 2021. Adjusted net income was $2.8 million, or $0.03 per share. Consolidated Adjusted EBITDA was $52.8 million.

Oceaneering reported a net loss of $25.0 million, or $(0.25) per share, on revenue of $424 million for Q4 2020. Adjusted net income was $1.8 million, or $0.02 per share. The company's consolidated fourth quarter adjusted EBITDA of $47.1 million exceeded guidance and consensus estimates. Free cash flow generated during the fourth quarter 2020 was $89.4 million, and the cash position increased by $93.2 million during the quarter, reaching $452 million.