OceanEering Q2 operating income USD 88.237 million

Oceaneering International, Inc. (NYSE: OII) reported operating income of $60.4 million for the second quarter of 2024, a 23% increase compared to the same period in 2023. The company's revenue for the quarter reached $669 million, reflecting a 12% year-over-year growth. This growth was driven by improved performance across several of its business segments, particularly in Subsea Robotics (SSR), where operating income rose 46% to $61.8 million.

The company's consolidated adjusted EBITDA for the quarter was $85.9 million, in line with guidance and consensus estimates. Oceaneering also reported free cash flow of $29.8 million, with an ending cash position of $383 million. The company's ROV fleet utilization remained stable at 70%, with an average revenue per day utilized of $10,528.

Looking ahead, Oceaneering has narrowed its full-year 2024 consolidated adjusted EBITDA guidance to a range of $340 million to $370 million. The company expects continued strong activity in its offshore markets, partially offset by lower expectations in its ADTech segment. For the third quarter of 2024, the company anticipates EBITDA in the range of $95 million to $105 million, with a low- to mid-single-digit percentage increase in revenue.

Oceaneering's performance in the second quarter of 2024 highlights its ability to capitalize on increased demand in the offshore energy sector, particularly in subsea robotics and manufactured products. The company's updated guidance reflects its confidence in maintaining strong financial performance for the remainder of the year.