Oceaneering International(OII)2025-02-19 22:02Revenue Performance - Oceaneering reported consolidated revenue of $2.7 billion for the full year 2024, a 10% increase over 2023[6]. - Fourth quarter 2024 revenue reached $713.5 million, the highest quarterly revenue since Q4 2015[5]. - Revenue for the three months ended December 31, 2024, was $713,450,000, an increase of 9% compared to $654,629,000 for the same period in 2023[24]. - Revenue for the year ended December 31, 2024, reached $2,661,161,000, an increase from $2,424,706,000 in 2023, representing a growth of approximately 9.8%[48]. - Revenue for the three months ended September 30, 2024, was $679,811,000, compared to $654,629,000 for the same period in 2023, marking an increase of approximately 4%[46]. - The revenue from the MP segment for 2024 was $555,500,000, up from $493,692,000 in 2023, marking a growth of approximately 12.5%[48]. EBITDA and Profitability - Adjusted consolidated EBITDA for 2024 increased by 20% to $347 million, marking the sixth consecutive year of EBITDA growth[6]. - The company achieved adjusted EBITDA exceeding $100 million for the first time since Q2 2016[5]. - Adjusted EBITDA for Q4 2024 was $101,536,000, up from $75,141,000 in Q4 2023, reflecting an increase of about 35%[44]. - The EBITDA for the year ended December 31, 2024, was $348,077 thousand, compared to $287,687 thousand for the year ended December 31, 2023, reflecting a significant growth[35]. - The Adjusted EBITDA margin for the year ended December 31, 2024, was 13%, consistent with the previous year, indicating stable operational efficiency[35]. - The EBITDA margin for Q4 2024 was 14%, consistent with the adjusted EBITDA margin, while the EBITDA margin for Q4 2023 was 12%[44]. - The operating income as reported in accordance with GAAP for 2024 was $246,270,000, compared to $181,328,000 in 2023, reflecting an increase of about 36%[48]. - Operating income margins for 2024 were reported at 9%, up from 7% in 2023, showing an improvement in profitability[48]. Future Projections - For 2025, Oceaneering projects revenue of $713 million, a 9% increase year over year, and adjusted EBITDA of $102 million, a 35% increase year over year[8]. - Operating income for 2025 is expected to be $77.9 million, reflecting a 64% increase year over year[8]. - The company estimates consolidated EBITDA for the year ending December 31, 2025, to be between $380,000 thousand and $430,000 thousand, indicating expected growth[40]. - The estimated Free Cash Flow for the year ending December 31, 2025, is projected to be between $110,000 thousand and $130,000 thousand, suggesting a recovery in cash generation[42]. Cash Flow and Backlog - Oceaneering's cash flow from operating activities for 2024 was $203 million, with free cash flow of $96.1 million, a 12% decrease year over year[6]. - The backlog at year-end 2024 was $604 million, a 3% decrease compared to the same period in 2023[9]. - The backlog at the end of the period for Manufactured Products was $604,000,000, down from $622,000,000 in the previous year[24]. Segment Performance - Subsea Robotics segment revenue increased to $212,190,000, up from $199,505,000, with an operating income margin of 30%[24]. - Manufactured Products segment revenue rose to $142,999,000, with an operating income margin of 3%[24]. - Offshore Projects Group revenue was $184,386,000, with a significant increase in operating income margin to 21% from 9%[24]. - Integrity Management & Digital Solutions revenue reached $75,062,000, with an operating income margin of 3%[24]. - Aerospace and Defense Technologies generated revenue of $98,813,000, maintaining an operating income margin of 10%[24]. Net Income and Earnings Per Share - For the year ended December 31, 2024, the company reported a net income of $147,468 thousand and diluted EPS of $1.44, compared to a net income of $97,403 thousand and diluted EPS of $0.95 for the year ended December 31, 2023[32]. - Adjusted Net Income for the year ended December 31, 2024, was $117,144 thousand with an adjusted diluted EPS of $1.14, up from an adjusted net income of $81,949 thousand and adjusted diluted EPS of $0.80 for the previous year[32]. - Adjusted Net Income for the three months ended December 31, 2024, was $37,460,000, with a diluted EPS of $0.37[31]. Capital Expenditures - Capital expenditures for the three months ended December 31, 2024, were $61,023,000, compared to $34,045,000 in the same period last year[27]. Strategic Initiatives - The company plans to integrate Global Design Innovation Ltd. to identify market expansion opportunities following its acquisition in Q4 2024[7]. - The company continues to focus on market expansion and new product development as part of its strategic initiatives moving forward[45].