Q3 2024 Viridien SA Earnings Call Transcript
Key Points
- Viridien (CGGYY) reported a 7% increase in nine-month segment adjusted EBITA, reaching $298 million, driven by strong performance in Geoscience.
- Net cash flow improved significantly to $34 million, marking a major improvement from the previous year.
- The company is seeing strong growth in its Geoscience segment, with Q3 revenue increasing by 32% to $103 million, the strongest quarter since Q4 2015.
- Viridien (CGGYY) has secured new contracts in the mining industry and for carbon storage, expanding its project portfolio to nine ongoing projects.
- The company is well-positioned to capitalize on upcoming opportunities in Brazil's 2025 presalt bid round, with comprehensive data coverage in the region.
- Data revenue was lower than expected due to cutoff effects and a continued trend of hyper funding and flat aftersales.
- Sensing and Monitoring (SMO) segment experienced a decline in activity, with Q3 revenue down from the previous year.
- The company incurred a $37 million penalty fee related to vessel commitments, impacting its EBITDA.
- Earth Data segment revenue decreased by 22% compared to last year, although year-to-date numbers showed an 8% increase.
- The company faces quarterly volatility, particularly in the SMO segment, which is expected to continue based on large crew activity.
Good day. And thank you for standing by. Welcome to the Viridian Q3, 2024 financial results conference call at this time. All participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session to ask a question during the session. You will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Jean Baptiste Roussy. Please go ahead.
Yes. Thank you, Ian Bti fi in charge of corporate finance and industrial relations. As just been said, we are in Paris today with Sophie Zurquiyah our CEO and Jérôme Serve our CFO. They will provide an overview of the results as well as comments on our outlook and following the overview of the quarter, we will be pleased to take your questions obviously. And now I leave you with.
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