SEACOR Marine(SMHI) Newsfilter·2024-07-31 21:30Core Viewpoint - SEACOR Marine Holdings Inc. reported a mixed performance in its second quarter of 2024, with a slight increase in revenues compared to the previous year but a significant net loss attributed to lower utilization and increased maintenance costs [2][4]. Financial Performance - Consolidated operating revenues for Q2 2024 were 68.3 million in Q2 2023 and up 11.3% from 3.9 million, compared to an operating income of 10.6 million in Q1 2024 [2][4]. - Direct vessel profit (DVP) for Q2 2024 was 30.6 million in Q2 2023 but up from 19,141, a 25.5% rise from Q2 2023 and consistent with Q1 2024 [3][11]. - Fleet utilization was 69%, down from 78% in Q2 2023 but up from 62% in Q1 2024 [3][11]. - DVP margin decreased to 29.1% from 44.8% in Q2 2023 but improved from 23.4% in Q1 2024 [3][11]. Net Loss and Future Outlook - The net loss for Q2 2024 was 0.45 loss per share), compared to a net loss of 0.17 loss per share) in Q2 2023 and a net loss of 0.84 loss per share) in Q1 2024 [4][10]. - The company has a contracted revenue backlog of $403.9 million with an average contract duration of approximately one year, indicating potential for future revenue growth [5]. - SEACOR Marine plans to install hybrid battery systems on four of its platform supply vessels over the next 12 months, aiming to enhance fleet efficiency and performance [5].