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Sep 30, 2023
SEACOR Marine Q3 2023 Earnings Report
Announced third quarter 2023 results, showing improvements in revenue, operating income, and direct vessel profit compared to the previous year and quarter.
Key Takeaways
SEACOR Marine's Q3 2023 results reflect a continued cyclical recovery with a meaningful improvement in average day rates and strong recovery in cash flows from operations. The company reported consolidated operating revenues of $75.6 million, operating income of $9.8 million, and a net loss of $0.9 million ($0.03 loss per share).
26.4% improvement in revenues from the third quarter of 2022 and a 13.0% improvement from the second quarter of 2023.
Average day rates of $18,046, a 35.3% improvement from the third quarter of 2022, and a 18.3% improvement from the second quarter of 2023.
DVP margin increased 132.9% from the third quarter of 2022 and increased 20.2% from the second quarter of 2023.
Refinanced $104.8 million of indebtedness maturing in the 2023-2026 period with a new $122.0 million senior secured term loan facility maturing in 2028.
Forward Guidance
The third quarter is seasonally busy, and the company expects some slowdown domestically and internationally as they enter the winter months for scheduled maintenance and vessel repositioning.
Historical Earnings Impact
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