Loading...
•
Dec 31, 2023
SEACOR Marine Q4 2023 Earnings Report
Announced fourth quarter 2023 results, demonstrating revenue improvement and strategic asset sales.
Key Takeaways
SEACOR Marine reported consolidated operating revenues of $73.1 million, operating income of $22.6 million, and net income of $5.7 million for Q4 2023. The company saw a 26.2% increase in revenues compared to Q4 2022, with average day rates improving by 30.7% year-over-year. The company also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets, generating total proceeds of $36.5 million and gains of $18.3 million.
Consolidated operating revenues reached $73.1 million.
Operating income was $22.6 million.
Net income stood at $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share).
Average day rates improved to $18,031, a 30.7% increase from Q4 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Seacor Marine anticipates strong demand for its fleet in 2024, with recent project cancellations not expected to impact vessels already engaged in those areas. The company is also committed to upgrading PSVs to hybrid power, enhancing operational efficiency and reducing environmental impact.
Positive Outlook
- Strong demand for the fleet is expected to continue in 2024.
- Project cancellations in the Middle East and U.S. wind are not expected to impact vessels in those areas.
- Growing demand is seen from other regions.
- Commitment to acquire four state-of-the-art energy storage systems for PSV upgrades to hybrid power.
- More than 50% of the PSV fleet will be hybrid powered, enhancing operational efficiency and reducing environmental impact.
Challenges Ahead
- Seasonally lower winter season may impact utilization.
- Customers paused project activity for the winter, most notably in U.S. windfarms.
- Scheduled maintenance and vessel repositioning may affect utilization in the short term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...