Why did SEACOR Marine's operating profit plummet in Q3 2024?

SEACOR Marine's operating profit plummeted in Q3 2024 due to a combination of factors:

1. **Decrease in Operating Income**: The company's operating income decreased by $16.25 million, with total revenues amounting to $68.92 million. This decline is a result of lower demand in key markets and increased operating expenses.
2. **Increased Operating Expenses**: Crewing costs rose by 9.9%, and maintenance costs increased by 30.0% year-over-year. These significant increases in expenses have a direct impact on the company's profitability.
3. **Heavy Maintenance Schedule**: The quarter was impacted by a heavy maintenance schedule, which likely led to reduced operational efficiency and increased costs.
4. **Softer Demand in Key Markets**: Lower demand in key markets contributed to the decrease in revenues and profitability. This could be due to factors such as market conditions, competition, or changes in customer preferences.

In summary, SEACOR Marine's operating profit plummeted in Q3 2024 due to a combination of decreased operating income, increased operating expenses, a heavy maintenance schedule, and softer demand in key markets.

|code|Ticker|Name|Date|Operating Income|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|SMHI|SMHI.N|SEACOR Marine|2023 Q4|-9008000|7.3083E7|169|
|SMHI|SMHI.N|SEACOR Marine|2024 Q1|-2.0326E7|6.277E7|169|
|SMHI|SMHI.N|SEACOR Marine|2024 Q2|-1.3675E7|6.9867E7|169|
|SMHI|SMHI.N|SEACOR Marine|2024 Q3|-1.625E7|6.8916E7|169|