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Oceaneering
🇺🇸 NYSE:OII
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Mar 31, 2022

Oceaneering Q1 2022 Earnings Report

Oceaneering's financial performance declined compared to the previous quarter, but the company anticipates a robust ramp-up in activity and pricing improvements for the remainder of the year.

Key Takeaways

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.

Consolidated Adjusted EBITDA was $31.5 million.

Consolidated Operating Loss was $1.0 million.

Cash position decreased by $100 million, from $538 million to $438 million.

Re-confirmed guidance for 2022 with Consolidated EBITDA of $225 million to $275 million and free cash flow generation in the range of $75 million to $125 million.

Total Revenue
$446M
Previous year: $438M
+2.0%
EPS
-$0.06
Previous year: $0.03
-300.0%
Adjusted EBITDA
$31.5M
Previous year: $52.8M
-40.3%
Gross Profit
$45.5M
Previous year: $56.7M
-19.7%
Cash and Equivalents
$438M
Previous year: $443M
-1.1%
Free Cash Flow
-$99.8M
Previous year: -$12.4M
+703.6%
Total Assets
$1.9B
Previous year: $2B
-5.1%

Oceaneering

Oceaneering

Oceaneering Revenue by Segment

Forward Guidance

Oceaneering anticipates significantly higher activity levels and operating profitability improvement in SSR and OPG segments, increased activity levels and operating profitability improvement in IMDS and ADTech segments, and higher activity levels in Manufactured Products segment for the second quarter of 2022. Unallocated Expenses are forecast to be in the mid-$30 million range. On a consolidated basis, sequentially, the company expects second quarter 2022 results to improve significantly, with EBITDA in the range of $50 million to $70 million on higher revenue.

Positive Outlook

  • Significantly higher activity levels and operating profitability improvement in SSR and OPG segments.
  • Increased activity levels and operating profitability improvement in IMDS and ADTech segments.
  • Higher activity levels in Manufactured Products segment.
  • Unallocated Expenses are forecast to be in the mid-$30 million range.
  • Second quarter 2022 results to improve significantly, with EBITDA in the range of $50 million to $70 million on higher revenue.

Challenges Ahead

  • Uncertainty in the timing of certain anticipated product sales and project work.
  • Uncertainty in attained levels of offshore utilization.
  • Uncertainty in offshore pricing.
  • Higher costs for hiring and training of personnel.
  • Higher costs for mobilization of equipment.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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