Oceaneering Q2 net income $19M; raises 2023 adjusted EBITDA and FCF guidance

OCEANEERING INTERNATIONAL INC

2023-Q2 EPS reported $0.23 revenue$1,134,897,000

Q2 revenue $598M, up 14% YoY and 11% sequentially; operating income $49.2M, highest since 2015.
GAAP EPS $0.19, adjusted EPS $0.18; adjusted EBITDA $74.8M.
2023 guidance: adjusted EBITDA narrowed to $275-310M; free cash flow raised to $90-130M.
ROV fleet utilization 70% (vs 63% Q1); avg revenue per day on hire $9,077; backlog $418M.
Q3 outlook: adj. EBITDA $75-85M on high-single-digit % revenue increase.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OCEANEERING INTERNATIONAL INC reported the three months ended June 30, 2023 results: revenue $597,910, net income net income of $19.0 million, or $0.19 per share, EPS $0.19. Guidance raised.

Period: the three months ended June 30, 2023
Revenue: $597,910
Net income: net income of $19.0 million, or $0.19 per share
EPS: $0.19
Guidance: raised
Result: reported results

Exact text from the filing

Summary of Results (in thousands, except per share amounts) For the Three Months Ended For the Six Months Ended Jun 30, Mar 31, Jun 30, 2023 2022 2023 2023 2022 Revenue $ 597,910 $ 524,031 $ 536,987 $ 1,134,897 $ 970,190 Gross Margin 101,080 76,041 77,565 178,645 121,521 Income (Loss) from Operations 49,199 22,850 26,750 75,949 21,811 Net Income (Loss)

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OCEANEERING INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0000073756-23-000099

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