Q2 2024 Oceaneering International Inc Earnings Call Transcript
Key Points
- Oceaneering International Inc (OII) reported a net income of $35 million or $0.34 per share on revenue of $669 million for the second quarter of 2024.
- Consolidated bookings exceeded $1 billion, with a manufactured products backlog ending the quarter at $713 million.
- SSR operating income was 46% higher on a 15% increase in revenue compared to the second quarter of 2023.
- The company expects third-quarter 2024 adjusted EBITDA to be in the range of $95 million to $105 million, indicating sequential improvement.
- Oceaneering International Inc (OII) is maintaining its full-year 2024 adjusted EBITDA guidance range of $340 million to $370 million, reflecting confidence in continued healthy activity levels in offshore businesses.
- ADTech's second-quarter 2024 operating income decreased significantly to $7.2 million, with operating income margin dropping to 7% due to a reserve related to a contractual dispute and lower than expected activity levels.
- Offshore Projects Group (OPG) saw a decline in operating income and operating income margin due to pre-contract award costs, additional dry dock costs, and project mix.
- Integrity Management and Digital Solutions (IMDS) had slightly lower operating income margins despite a 16% increase in revenue.
- The company anticipates lower operating income and operating income margin for manufactured products in the third quarter of 2024 due to receiving materials that will yield lower margin revenue and ongoing costs associated with implementing the mobile robotics growth strategy.
- Unallocated expenses are expected to be in the mid-$40 million range for the third quarter of 2024, indicating a potential increase in overhead costs.
Welcome, everyone, to Oceaneering's second-quarter 2024 earnings conference call. My name is Britney, and I will be your conference operator. (Operator Instructions)
With that, I will now turn the call over to Hilary Frisbie, Oceaneering Senior Director of Investor Relations.
Thanks, Britney. Good morning, and welcome to Oceaneering's second-quarter 2024 results conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website. Joining us on the call are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; and Alan Curtis, Senior Vice President and Chief Financial Officer.
Before we begin, I would like to remind participants that statements we make during the course of this call regarding our future financial performance, business strategy, plans for future operations, and industry conditions are forward-looking statements made pursuant to the safe harbor provisions of the Private
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