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SEACOR Marine(SMHI) - 2024 Q3 - Quarterly Results
SMHISEACOR Marine(SMHI)2024-10-30 20:27

Financial Performance - SEACOR Marine's consolidated operating revenues for Q3 2024 were 68.9million,a10.468.9 million, a 10.4% decrease from 76.9 million in Q3 2023 and a 1.4% decrease from 69.9millioninQ22024[2][3]−Thecompanyreportedanetlossof69.9 million in Q2 2024[2][3] - The company reported a net loss of 16.3 million in Q3 2024, compared to a net loss of 0.9millioninQ32023andanetlossof0.9 million in Q3 2023 and a net loss of 12.5 million in Q2 2024[4] - Direct vessel profit (DVP) was 16.0millioninQ32024,asignificantdecreasefrom16.0 million in Q3 2024, a significant decrease from 36.8 million in Q3 2023 and 20.3millioninQ22024[2]−DVPmarginfellto23.220.3 million in Q2 2024[2] - DVP margin fell to 23.2% in Q3 2024, down from 47.8% in Q3 2023 and 29.1% in Q2 2024, impacted by 8.3 million in drydocking and major repairs[3] - The company reported a loss before income tax of (17,871),comparedtoalossof(17,871), compared to a loss of (14,131) in the previous quarter[13] - SEACOR Marine reported a net loss of 16,346thousandforthequarterendedSeptember30,2024,comparedtoanetlossof16,346 thousand for the quarter ended September 30, 2024, compared to a net loss of 12,483 thousand in the previous quarter[25] Revenue and Costs - Average day rates increased by 4.6% to 18,879comparedtoQ32023,butdecreasedby1.418,879 compared to Q3 2023, but decreased by 1.4% from Q2 2024[3] - The company experienced a 9.9% increase in crewing costs and a 30.0% increase in maintenance costs compared to the year-to-date third quarter of 2023[5] - Average rates per day decreased to 18,879 from 19,141inthepreviousquarter,representingadeclineof1.3619,141 in the previous quarter, representing a decline of 1.36%[13] - Operating revenues from time charter were 63,313, a decrease of 3.6% compared to 65,649inthepreviousquarter[13]−Fuel,lubes,andsuppliescostsrosesignificantlyto65,649 in the previous quarter[13] - Fuel, lubes, and supplies costs rose significantly to 6,574, compared to 3,966inthepreviousquarter,markinga65.83,966 in the previous quarter, marking a 65.8% increase[13] - Other marine services revenue increased to 5,231, up from 3,854inthepreviousquarter,agrowthof35.63,854 in the previous quarter, a growth of 35.6%[13] Utilization and Fleet Performance - Utilization rate dropped to 67% in Q3 2024, down from 73% in Q3 2023 and 69% in Q2 2024[3] - Fleet utilization was reported at 67%, down from 69% in the prior quarter[13] - Fleet utilization in the United States improved to 42% from 37% in the previous quarter, indicating a positive trend[15] - Fleet utilization in Africa and Europe improved to 77% from 74% in the previous quarter, indicating stronger performance[15] - Fleet utilization in the Middle East and Asia decreased to 71% from 82% in the previous quarter[17] - Fleet utilization in Latin America decreased to 63% from 71% in the previous quarter[17] Assets and Liabilities - Total current assets decreased to 131,164,000 from 164,686,000year−over−year,adeclineof20.3164,686,000 year-over-year, a decline of 20.3%[23] - Cash and cash equivalents decreased to 35,601,000 from 67,455,000year−over−year,adeclineof47.367,455,000 year-over-year, a decline of 47.3%[23] - Total liabilities decreased to 384,436,000 from 414,428,000year−over−year,adeclineof7.2414,428,000 year-over-year, a decline of 7.2%[23] - Long-term debt decreased to 272,325,000 from 291,843,000year−over−year,adeclineof6.7291,843,000 year-over-year, a decline of 6.7%[23] - Total assets decreased to 709,444,000 from 780,065,000year−over−year,adeclineof9.1780,065,000 year-over-year, a decline of 9.1%[23] Operational Efficiency - The company continues to face challenges related to shipyard and vendor capacity issues, affecting overall utilization and operating expenses[5] - Average rates per day worked in the United States decreased to 17,188 from 22,356inthepreviousquarter,adeclineof23.522,356 in the previous quarter, a decline of 23.5%[15] - Direct vessel profit in the United States showed a loss of 4,774, worsening from a loss of 4,591inthepreviousquarter[15]−AverageratesperdayworkedinAfricaandEuropeincreasedto4,591 in the previous quarter[15] - Average rates per day worked in Africa and Europe increased to 18,875 from 18,580,reflectingagrowthof1.618,580, reflecting a growth of 1.6%[15] - Average rates per day worked in the Middle East and Asia increased to 17,825 from 17,083inthepreviousquarter,representinga4.317,083 in the previous quarter, representing a 4.3% increase[17] Cash Flow and Financing - The company generated net cash provided by operating activities of 626 thousand, a significant improvement from a cash used of 12,247thousandinthepriorquarter[25]−Paymentsonlong−termdebtamountedto12,247 thousand in the prior quarter[25] - Payments on long-term debt amounted to 7,770 thousand, an increase from 6,533thousandinthepreviousquarter[25]−SEACORMarine′saccountsreceivableincreasedby6,533 thousand in the previous quarter[25] - SEACOR Marine's accounts receivable increased by 7,411 thousand during the quarter, indicating potential cash flow challenges[25] Miscellaneous - SEACOR Marine has a contracted revenue backlog, including options, exceeding 360.0million[5]−ApremiumliftboatintheU.S.GulfofMexicoissettoreturntoworkinearlyNovemberaftermaintenance,withincreasedinquiriesfordecommissioningworkexpectedin2025−2026[6]−ThefleetcountasofSeptember30,2024,included53ownedvessels,1leased−invessel,and1managedvessel,totaling55vessels[27]−Thecompanyrecordedagainfromequipmentsalesof360.0 million[5] - A premium liftboat in the U.S. Gulf of Mexico is set to return to work in early November after maintenance, with increased inquiries for decommissioning work expected in 2025-2026[6] - The fleet count as of September 30, 2024, included 53 owned vessels, 1 leased-in vessel, and 1 managed vessel, totaling 55 vessels[27] - The company recorded a gain from equipment sales of 1,821 thousand, compared to a loss of $18,057 thousand in the same quarter last year[25]