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Earnings Call Summary | CGG Sponsored ADR(CGGYY.US) Q1 2024 Earnings Conference

決算説明会のまとめ | CGGスポンサーADR(CGGYY.US)2024年第1四半期決算カンファレンス

moomoo AI ·  05/14 20:04  · 電話会議

The following is a summary of the CGG (CGGYY) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • CGG reported a strong Q1 2024 with net cash flow generation being $13 million, with revenue reaching $273 million, a 30% YoY increase.

  • Geoscience revenue was up 11% YoY, accounting for $88 million, while Earth Data revenue increased by 50% YoY to $97 million.

  • Sensing & Monitoring sector witnessed a 35% YoY increase in revenue to $89 million, largely driven by high deliveries of land equipment.

  • Segment EBITDA was up 58% YoY at $106 million.

  • The company settled a long-standing dispute in India, providing a net amount of around $30 million.

Business Progress:

  • CGG reported robust exploration activities globally with interest from clients across all geographies, contributing to the highest first quarter performance since 2018.

  • The company witnessed growth in Geoscience owing to high-end projects and increasing activity from national oil companies. Similarly, there was a growth in Sensing & Monitoring and Earth Data segments.

  • CGG plans to strategically invest in expanding their seismic reservoir assessment capabilities and is optimistic about delivering on their 2024 objectives.

  • The company established a new collaboration with Baker Hughes in the CCUS space. Progress on Sensing & Monitoring optimization plan is also reported.

  • CGG expects changes in clients' behaviors following the PGS, TGS merger and is adapting its strategies accordingly.

  • The AI Cloud Solution launch forms a part of the company's strategy to provide outcome as a service within high-performance computing markets.

More details: CGG Sponsored ADR IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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