Oceaneering International, Inc. (NYSE:OII) Q3 2024 Earnings Conference Call October 24, 2024 11:00 AM ET Company Participants Hilary Frisbie – Senior Director, Investor Relations Rod Larson – President and Chief Executive Officer Alan Curtis – Senior President and Chief Financial Officer Conference Call Participants Kurt Hallead – Benchmark Sean Mitchell – Daniel Energy Partners David Smith – Pickering Energy Partners Operator Welcome to Oceaneering’s Third Quarter 2024 Earnings Conference Call. My name is ...

Oceaneering International (OII) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.38 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -18.18%. A quarter ago, it was expected that this oilfield services company would post earnings of $0.37 per share when it actually produced earnings of $0.28, delivering a surprise of -24.32%.Over the las ...

Exhibit 99.1 Oceaneering Reports Third Quarter 2024 Results HOUSTON, October 23, 2024 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $41.2 million, or $0.40 per share, on revenue of $680 million for the three months ended September 30, 2024. Adjusted net income was $37.2 million, or $0.36 per share, reflecting the impact of $(0.4) million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter, $0.6 million tax effect on adjustme ...

Oceaneering International, Inc. (OII) is set to report third-quarter earnings on Oct. 23, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at 44 cents per share and that for revenues is pinned at $673.97 million. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Let us delve into the factors that are likely to have influenced OII's performance in the to-be-reported quarter. Before that, it is worth taking a look at the company's performance in the last repo ...

The market expects Oceaneering International (OII) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on October 23, 2024, might help the stock move higher if the ...

The decrease in cash related to accounts receivable and contract assets in the six months ended June 30, 2024, reflects the timing of project milestones and customer payments. The decrease in cash related to inventory in the six months ended June 30, 2024, was primarily due to higher activity and related increases in our Manufactured Products and Subsea Robotics inventory. The increase in cash related to current liabilities in the six months ended June 30, 2024, reflects the timing of vendor payments. In th ...

Oceaneering International, Inc. (NYSE:OII) Q2 2024 Results Conference Call July 25, 2024 11:00 AM ET Company Participants Hilary Frisbie - Senior Director, Investor Relations Rod Larson - President & Chief Executive Officer Alan Curtis - Senior Vice President & Chief Financial Officer Conference Call Participants David Smith - Pickering Energy Partners Kurt Hallead - Benchmark Josh Jayne - Daniel Energy Partners Operator Welcome, everyone to Oceaneering's Second Quarter 2024 Earnings Conference Call. My nam ...

Oceaneering International, Inc. (OII) reported adjusted profit of 28 cents per share for the second quarter of 2024, missing the Zacks Consensus Estimate of 37 cents. This was due to lower-than-expected operating income from the company's Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments. Offshore Projects Group: This segment involves Oceaneering's former Subsea Projects unit, excluding survey services and global data solutions, and the servic ...

Oceaneering International (OII) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -24.32%. A quarter ago, it was expected that this oilfield services company would post earnings of $0.30 per share when it actually produced earnings of $0.14, delivering a surprise of -53.33%. What's Nex ...

Financial Performance - For Q2 2024, Oceaneering reported revenue of $668.8 million, a 12% increase from $597.9 million in Q2 2023[11] - Net income for Q2 2024 was $35.0 million, or $0.34 per share, compared to $19.0 million, or $0.19 per share in Q2 2023[11] - Adjusted net income for Q2 2024 was $28.6 million, reflecting a $1.0 million impact from foreign exchange gains and $5.5 million in discrete tax adjustments[11] - Total revenue for the six months ended June 30, 2024, was $48,376 thousand, compared to $40,736 thousand for the same period in 2023, marking a growth of 18.4%[28] - Total revenue for the company was $668,808 thousand, an increase from $597,910 thousand year-over-year, reflecting a growth of 12%[47] - Revenue for the Subsea Robotics segment increased to $214,985 thousand, up from $186,512 thousand year-over-year, representing a growth of 15%[47] - Revenue from the Manufactured Products segment increased to $139,314 thousand, up from $124,882 thousand, marking a growth of 11%[47] - Revenue for the three months ended June 30, 2024, reached $668,808,000, up from $597,910,000 in the prior year, reflecting an increase of about 11.8%[63] Cash Flow and Financial Guidance - The cash flow provided by operating activities was $52.6 million, with free cash flow of $29.8 million, and an ending cash position of $383 million[12] - Oceaneering expects to generate positive free cash flow in 2024, estimated between $110 million to $150 million[13] - Free cash flow for the second quarter of 2024 was $29,765 thousand, a significant recovery from a negative cash flow of $(1,977) thousand in the same quarter of 2023[32] - Free Cash Flow is projected to be between $95,000 thousand and $105,000 thousand for the upcoming quarter[56] - The company expects full-year 2024 revenue guidance to be between $340,000 thousand and $370,000 thousand[33] Operating Performance - Oceaneering's consolidated adjusted EBITDA for Q2 2024 was $85.9 million, with a guidance range for full-year 2024 adjusted EBITDA narrowed to $340 million to $370 million[12][13] - The overall operating income for the company was $60,364 thousand, with an operating margin of 9%, compared to 8% in the same quarter last year[47] - Operating income for the Subsea Robotics segment rose to $61,750 thousand, with an operating margin of 29%, compared to 23% in the same quarter last year[47] - Operating income for the Aerospace and Defense Technologies segment was $7,244 thousand, with an operating margin of 7%, down from 12% year-over-year[47] - The Offshore Projects Group (OPG) operating income declined by 23% despite a 10% increase in revenue, resulting in a margin drop from 13% to 9%[15] Backlog and Order Intake - The backlog for Manufactured Products reached $713 million as of June 30, 2024, an increase of $295 million year-over-year[35] - The book-to-bill ratio for the 12-month period ending June 30, 2024, was 1.56, compared to 1.19 for the same period last year, indicating improved order intake[35] Depreciation and Expenses - Total depreciation and amortization for the second quarter of 2024 was $25,980 thousand, slightly down from $26,046 thousand in the same quarter of 2023[32] - Unallocated expenses for the quarter were $39.7 million, in line with guidance but higher than the same period last year[5] Future Outlook - The company anticipates improved SSR activity levels and operating profitability, with a forecast for Manufactured Products revenue to be higher but with lower operating profitability[6] - The company plans to discuss detailed guidance for the full year and third quarter of 2024 in a conference call scheduled for July 25, 2024[39] - Net income for 2024 is anticipated to be between $130 million and $150 million[72] - ADTech operating income and margins are projected to be lower compared to 2023[72]