SEACOR Marine(US:SMHI)2025-10-29 20:31Financial Performance - Consolidated operating revenues for Q3 2025 were $59.2 million, a 14.1% decrease from $68.9 million in Q3 2024 and a 2.7% decrease from $60.8 million in Q2 2025[2][8] - Net income for Q3 2025 was $9.0 million ($0.35 earnings per share), compared to a net loss of $16.3 million ($0.59 loss per share) in Q3 2024 and a net loss of $6.7 million ($0.26 loss per share) in Q2 2025[3][16] - Operating revenues for the three months ended September 30, 2025, totaled $59.194 million, a decrease from $60.810 million in the previous quarter[18] - Net income for the quarter was $8.994 million, a significant recovery from a net loss of $6.727 million in the previous quarter[18] - Basic net earnings per share were $0.35, compared to a loss of $0.26 per share in the previous quarter[18] Vessel Performance - Direct vessel profit (DVP) for Q3 2025 was $11.5 million, down from $16.0 million in Q3 2024 and up from $11.3 million in Q2 2025[2][8] - Average day rates were $19,490, reflecting a 3.2% increase from Q3 2024 but a 1.2% decrease from Q2 2025[8] - Utilization rate was 66%, a decrease from 67% in Q3 2024 and 68% in Q2 2025[8] - Direct vessel profit for the quarter was $11.510 million, compared to $11.317 million in the previous quarter, indicating a slight increase of 1.7%[18] - Gains on asset dispositions and impairments increased to $30.230 million from $19.163 million in the previous quarter, marking a substantial rise[18] Regional Performance - Operating revenues for the Middle East and Asia segment totaled $12,925, a slight increase from $12,797 in the previous quarter, reflecting a growth of 1%[25] - Direct vessel profit for the Middle East and Asia segment showed a loss of $847, compared to a loss of $1,290 in the previous quarter, improving by 34.4%[25] - In Latin America, average rates per day worked rose to $25,541 in Q3 2025 from $23,764 in Q2 2025, marking an increase of 7.5%[25] - Fleet utilization in Latin America improved to 68% in Q3 2025 from 66% in Q2 2025, an increase of 3%[25] - Operating revenues for Latin America reached $12,047, up from $9,292 in the previous quarter, representing a significant increase of 29.9%[25] Cost and Expenses - Personnel costs for the quarter were $17.616 million, down from $18.969 million in the previous quarter, reflecting a decrease of approximately 7.1%[18] - Total direct costs and expenses for PSV were $19,451,000 in Q3 2025, slightly up from $19,322,000 in Q2 2025[31] - Total direct costs and expenses for liftboats were $12,294,000 in Q3 2025, down from $17,472,000 in Q2 2025, a decrease of 29.8%[34] Asset and Liquidity Management - Total assets as of September 30, 2025, amounted to $692.5 million, a slight increase from $680.0 million in the previous quarter[36] - Cash and cash equivalents increased to $108.2 million from $51.6 million at the end of the previous quarter, reflecting a net change of $56.7 million[38] - Total current assets rose to $194.3 million, compared to $133.0 million in the previous quarter, indicating a 46% increase[36] - The company reported a net cash used in operating activities of $10.7 million for the quarter, an increase from $2.1 million used in the prior quarter[38] - Proceeds from the disposition of property and equipment were $76.1 million, significantly higher than $31.6 million in the previous quarter[38] Fleet and Vessels - The company owned a total of 45 vessels as of September 30, 2025, unchanged from the previous reporting period[40] - Long-term debt remained stable at approximately $311.9 million, compared to $310.9 million in the previous quarter[36] - The accumulated deficit decreased to $193.8 million from $202.8 million, indicating an improvement in retained earnings[36]