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Sep 30, 2023
Oceaneering Q3 2023 Earnings Report
Reported an increase in net income and revenue driven by improved activity and pricing in Offshore Projects Group and Subsea Robotics segments.
Key Takeaways
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).
Net income was $29.8 million and consolidated adjusted EBITDA was $84.1 million.
Consolidated operating income was $57.9 million.
Cash position increased by $52.4 million, from $504 million to $556 million.
Manufactured Products backlog increased to $556 million from $418 million.
Oceaneering
Oceaneering
Oceaneering Revenue by Segment
Revenue by Segment
Subsea Robotics Revenue
CapyFin.comManufactured Products Revenue
CapyFin.comOffshore Projects Group Revenue
CapyFin.comIMDS Revenue
CapyFin.comAerospace & Defense Tech Revenue
CapyFin.com Forward Guidance
Oceaneering forecasts fourth quarter 2023 EBITDA to decline on relatively flat revenue as compared to third quarter results. For the full year of 2023, Oceaneering expects to generate adjusted EBITDA within the narrowed range of $275 million to $295 million. For 2024, year over year, Oceaneering anticipates increased revenue and improved operating performance across each of its operating segments, led by gains from SSR and OPG. Oceaneering forecasts 2024 EBITDA to be in the range of $330 million to $380 million, driving meaningful levels of cash flow from operations.
Positive Outlook
- Increased revenue and improved operating performance across each of its operating segments
- Gains from SSR and OPG
- Meaningful levels of cash flow from operations
- Adjusted EBITDA within the narrowed range of $275 million to $295 million for full year 2023
- Positive free cash flow generation remains in the range of $90 million to $130 million for the full year of 2023
Challenges Ahead
- Fourth quarter 2023 EBITDA to decline on relatively flat revenue as compared to third quarter results
- Relatively flat operating income on slightly lower revenue from SSR
- Higher revenue and significantly lower operating profitability from Manufactured Products
- Slightly lower revenue and significantly lower operating income from OPG
- Lower revenue and operating income from IMDS
Revenue & Expenses
Visualization of income flow from segment revenue to net income