The following is a summary of the Oceaneering International, Inc. (OII) Q1 2024 Earnings Call Transcript:
Financial Performance:
Oceaneering International reported Q1 2024 net income of $15.1 million ($0.15 per share) on revenue of $599 million, with a 37% increase in operating income and a 12% rise in revenue from Q1 2023.
Consolidated adjusted EBITDA exceeded guidance range and consensus estimates due to better-than-expected activity levels across various businesses.
Manufacturing products operating income improved by 17% with a 15% increase in revenue.
Backlog of $597 million by the end of Q1 2024, indicating an increase of $151 million over the first quarter of 2023.
The company expects a gradual improvement in cash generation throughout the year.
Business Progress:
The company noted a highest first quarter EBITDA since 2016, with expectations for sustained growth in traditional and developing markets.
An increase in customer engagement and healthy orders in the energy sector were reported.
The company conducted a successful demo for the U.S. Navy and Defense Innovation Unit in Norway, currently at Phase 2.
Oceaneering International anticipates continuous growth in pricing for Remotely Operated Vehicles similar to deep-water rig rates.
Oceaneering is looking forward to establishing a return of cash to shareholder program in the future, contingent on the success of a share repurchase program.
More details: Oceaneering International IR
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