Oceaneering International · Q2 2021 earnings

Briefing

Returned positive net income due to increased seasonal demand and growth in the government focused business segment.

Oceaneering reported a net income of $6.2 million, or $0.06 per share, on revenue of $498 million for the three months ended June 30, 2021. Adjusted net income was $10.4 million, or $0.10 per share. Based on the first half financial performance and expectations for the second half of 2021, the adjusted EBITDA guidance was raised to a range of $200 million to $225 million for the full year.

• Consolidated Adjusted EBITDA was $60.6 million.
• Consolidated Adjusted Operating Income was $24.2 million.
• Cash flow generated from operations was $50.5 million and free cash flow was $37.9 million.
• Cash position increased by $13.3 million, from $443 million to $456 million.

Headline financials

Revenue & EPS history

For the third quarter, compared to the second quarter, Oceaneering anticipates relatively flat activity and operating profitability in its SSR, Manufactured Products, and IMDS segments, lower activity levels and relatively flat operating profitability in its OPG segment, and lower activity levels and lower operating profitability in its ADTech segment. On a consolidated basis, Oceaneering expects a sequential decline in third quarter 2021 results, with adjusted EBITDA in the range of $50 million to $55 million on slightly lower revenue.