The following is a summary of the CGG (CGGYY) Q4 2023 Earnings Call Transcript:
Financial Performance:
CGG reported stable Q4 revenue of $320 million with an EBITDA of $122 million.
For the year 2023, the company's revenue showed a 21% increase, reaching $1.125 billion with net cash flow at $32 million.
Various business segments showed mixed performance with CGG's Geoscience segment increasing by 41% to $98 million, but a decline in Earth data by 29% to $103 million.
For the full year, CGG's EBITDA was $400 million with a net income of $16 million and capital expenditure reduced by 11% to $232 million.
The company expects financial results for 2024 to mirror those of 2023, with anticipated net cash flow of around $100 million by 2025.
Business Progress:
CGG's new business ventures generated $90 million in 2023 with aspirations for further growth.
The company has succeeded in reducing carbon emissions by 58% since 2019, adhering to ESG targets.
CGG leads in technology in Geoscience, Earth Data, and Sensing & Monitoring businesses and anticipates growth in select new business markets.
Revenue from CGG's Data Hub increased fourfold in 2023 due to strong AI and machine learning capabilities.
CGG has plans for investing in core businesses and initiating a debt buyback program as part of their 2024-2025 financial roadmap.
More details: CGG Sponsored ADR IR
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