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Oceaneering
🇺🇸 NYSE:OII
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Dec 31, 2022

Oceaneering Q4 2022 Earnings Report

Reported net income of $23.1 million on revenue of $536 million.

Key Takeaways

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.

Net income for Q4 2022 was $23.1 million and consolidated adjusted EBITDA was $70.0 million.

Consolidated operating income was $42.2 million.

Free cash flow was $134 million, with an ending cash position of $569 million.

Secured consolidated order intake with expected contract value of $771 million.

Total Revenue
$536M
Previous year: $467M
+14.9%
EPS
$0.06
Previous year: $0.05
+20.0%
Adjusted EBITDA
$70M
Previous year: $46.7M
+50.0%
Gross Profit
$90.1M
Previous year: $79.2M
+13.8%
Cash and Equivalents
$569M
Previous year: $538M
+5.7%
Free Cash Flow
$134M
Previous year: $126M
+6.0%
Total Assets
$2.03B
Previous year: $1.96B
+3.5%

Oceaneering

Oceaneering

Oceaneering Revenue by Segment

Forward Guidance

Oceaneering anticipates revenue growth in each operating segment, led by Manufactured Products and SSR. They expect sequential improvement in 2023 financial results based on higher operating income and margins in SSR, OPG, and Manufactured Products segments. Full year 2023 EBITDA is anticipated to be $260 million to $310 million, and positive free cash flow of $75 million to $125 million is expected.

Positive Outlook

  • Expects revenue to grow by more than 10% in 2023.
  • Anticipates generating $260 million to $310 million of EBITDA in 2023.
  • Projects positive free cash flow of $75 million to $125 million for 2023.
  • Sees good opportunities for improved pricing and margins in energy-focused businesses.
  • Expects growth in all three government-focused businesses.

Challenges Ahead

  • Anticipates a first quarter seasonal impact, particularly in the OPG business.
  • Higher cost of performing offshore work influences customer planning to avoid periods of higher weather risk.
  • First quarter 2023 adjusted EBITDA is expected to be in the range of $40 million to $50 million.
  • Projects lower revenue and operating results in SSR, IMDS, and ADTech segments in Q1 2023.
  • Forecasts lower revenue and significantly lower operating results in the OPG segment in Q1 2023.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Oceaneering