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Dec 31, 2023
Oceaneering Q4 2023 Earnings Report
Reported net income of $44.5 million on revenue of $655 million.
Key Takeaways
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.
Net income was $44.5 million and consolidated adjusted EBITDA was $75.1 million.
Cash flow provided by operating activities was $153 million and free cash flow was $119 million, with an ending cash position of $462 million.
2024 debt maturity was eliminated through a series of transactions.
Secured consolidated order intake with expected contract value of $739 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
2024 financial results are forecasted to improve year over year based on 2023 year-end backlog and continuing supportive market fundamentals.
Positive Outlook
- EBITDA is expected to be in the range of $330 million to $380 million.
- Increased EBITDA and operating income from each operating segment.
- Higher margins in the SSR and OPG segments.
- Relatively stable margins in the Manufactured Products, IMDS and ADTech segments.
- Free cash flow for 2024 is expected to be in the range of $110 million to $150 million.
Challenges Ahead
- Capital expenditures are expected in the range of $110 million to $130 million.
- First quarter consolidated EBITDA is expected in the range of $50 million to $60 million.
- Decrease from the fourth quarter of 2023 is primarily due to the timing of vessel charters
- Two vessels undergoing planned, regulatory dry docks during the first quarter
- Leading to fewer available vessel days in the first quarter for OPG.
Revenue & Expenses
Visualization of income flow from segment revenue to net income