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 (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]

Highlights of Q1 Earnings Trend in Estimate Revision OII's revenues are likely to have improved in the quarter to be reported. Our model predicts second-quarter revenues to increase to $676.4 million from the year-ago quarter's level of $597.9 million. This can be attributed to the robust performance of the energy services and products, including Subsea Robotics, Manufactured Products, Offshore Projects Group and Integrity Management & Digital Solutions segments. What Does Our Model Say? Stocks to Consider ...

First Contract: Scope and Commitment He also reaffirmed OII's position as a premier provider of vessel services in the Gulf of Mexico, highlighting the company's pride in its industry leadership and ongoing commitment to promoting strong client partnerships. Denver, CO-based SM Energyis valued at $5.57 billion. The company currently pays a dividend of 72 cents per share, or 1.49%, on an annual basis. Conclusion Oceaneering International, Inc. (OII) , a leading supplier of offshore equipment and technology s ...

Oceaneering International, Inc.'s (OII) Manufactured Products division has secured a major contract from a U.S. independent energy company. The contract is valued at roughly $50 million and involves supplying a specialized underwater cable for a project in the Gulf of Mexico. This deal highlights OII's strong reputation in the industry and its capacity to deliver high-quality products in a timely manner. Manufacturing Details Manufacturing of the umbilical is scheduled to take place at OII's facility in Pan ...

Oceaneering International, Inc. (OII) , a leading supplier of offshore equipment and technology solutions to the energy industry, declared that its Manufactured Products segment won two major contracts with Petrobras (PBR) , Brazil's state-run oil and gas company, through a competitive bidding process.These contracts are expected to generate net revenues between $120 million and $183 million. Let's delve into the details of these contracts, the significance of the products being supplied and the broader imp ...

Oceaneering International, Inc. (OII) and TotalEnergies SE (TTE) , a France-based integrated oil and gas company, joined forces to unveil a revolutionary advancement in pipeline inspection technology — the Freedom Autonomous Underwater Vehicle ("AUV"). This innovative solution promises to revolutionize the landscape of sub-marine pipeline inspections, setting a new standard for sustainable commercial missions. Redefining Pipeline Inspection Standards The recent collaboration between OII, a provider of oil a ...

Core Viewpoint - Oceaneering International's recent earnings report showed a mixed performance, with adjusted profits missing estimates but overall revenues increasing year-over-year, indicating potential growth despite current challenges [2][3]. Financial Performance - The first-quarter 2024 adjusted profit was 14 cents per share, missing the Zacks Consensus Estimate of 30 cents, primarily due to lower operating income from the Offshore Projects Group [2]. - Total revenues reached $599.1 million, missing the Zacks Consensus Estimate of $614 million, but representing an 11.6% increase from $537 million in the same quarter last year [3]. Segmental Information - **Subsea Robotics**: Revenues were $186.9 million, up from $169.2 million year-over-year, but below the projection of $195.4 million. Operating income was $44.2 million, compared to $33.7 million a year ago [5]. - **Manufactured Products**: Revenues increased to $129.5 million from $112.9 million, exceeding projections. Operating profit rose to $13.2 million from $11.3 million [6]. - **Offshore Projects Group**: Revenues increased by 10.4% to $115.1 million, but operating income fell significantly to $844,000 from $5.5 million year-over-year [8]. - **Integrity Management & Digital Solutions**: Revenues rose to $69.7 million from $60.1 million, with operating income slightly increasing to $3.6 million [9]. - **Aerospace and Defense Technologies**: Revenues grew to $98 million from $90.5 million, with operating income rising to $12.8 million from $8.5 million [10]. Capital Expenditure & Balance Sheet - Capital expenditure for the first quarter totaled $25 million. As of March 31, 2024, cash and cash equivalents were $354.7 million, with long-term debt at approximately $478.2 million, resulting in a debt-to-total capital ratio of 43.2% [11]. Outlook - Oceaneering anticipates significant increases in activity levels and operating profitability for the Offshore Projects Group, Subsea Robotics, and Manufactured Products in the second quarter of 2024 [12]. - Integrity Management & Digital Solutions and Aerospace and Defense Technologies are expected to remain flat, with slight declines in operating profitability [13]. - The company projects second-quarter 2024 EBITDA in the range of $80-$90 million, reflecting a mid-teens percentage increase in revenues [13][14]. Industry Performance - Oceaneering International is part of the Zacks Oil and Gas - Field Services industry, which has seen mixed performance. Liberty Oilfield Services, a peer in the industry, reported a revenue decline of 15% year-over-year [18][19].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10945 ____________________________________________ OCEANEERING INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (S ...