NYSE$OII
Oceaneering International · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Oceaneering's Q4 2020 results reflected sequential improvement in adjusted operating income and adjusted EBITDA across all five operating segments, with free cash flow generation and a stronger cash position.
Oceaneering reported a net loss of $25.0 million, or $(0.25) per share, on revenue of $424 million for Q4 2020. Adjusted net income was $1.8 million, or $0.02 per share. The company's consolidated fourth quarter adjusted EBITDA of $47.1 million exceeded guidance and consensus estimates. Free cash flow generated during the fourth quarter 2020 was $89.4 million, and the cash position increased by $93.2 million during the quarter, reaching $452 million.
- Consolidated fourth quarter adjusted EBITDA was sequentially higher than the third quarter 2020 and exceeded both guidance and consensus estimates.
- Each of the five operating segments recorded sequential improvement in adjusted operating income and adjusted EBITDA, despite lower revenue in three out of the five segments.
- Free cash flow generated during the fourth quarter 2020 was $89.4 million.
- Cash position increased by $93.2 million during the fourth quarter 2020.
Headline financials
Revenue & EPS history
Oceaneering · Revenue · Quarterly
$424M
Revenue by segment
Oceaneering · $424M total across 5 segments · Q4 2020
- Subsea Robotics$115M—27.0%
- Manufactured Products$99.9M—23.5%
- Aerospace and Defense Technologies$87.5M—20.6%
- Offshore Projects Group$67.8M—16.0%
- Integrity Management & Digital Solutions$54.3M—12.8%
Forward guidance
Oceaneering anticipates its full year 2021 to yield positive free cash flow in excess of the amount generated in 2020, and the midpoint of the consolidated adjusted EBITDA range to approximate 2020 consolidated adjusted EBITDA.
Tailwinds
- Higher revenue in ADTech and IMDS to offset substantially lower revenue from our Manufactured Products segment.
- Forecast relatively flat revenue in our SSR and OPG segments.
- Generating $160 million to $210 million of adjusted EBITDA, with positive operating income and adjusted EBITDA contributions from each of our operating segments.
- Improved annual operating results in our SSR, OPG, IMDS, and ADTech segments.
- Expect to generate positive free cash flow in excess of the amount generated in 2020.
Headwinds
- Substantially lower revenue from our Manufactured Products segment.
- Lower operating results in our Manufactured Products segment.
- Expect Manufactured Products segment performance to decline, primarily as a result of the decreased order intake in our energy businesses during 2020.
- Anticipate Unallocated Expenses to average in the low- to mid-$30 million range per quarter.
- Interest expense, net of interest income, is expected to be approximately $40 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2020
-0.4%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+0.3%
Avg return
30 days after
49%
34 / 69 earnings
Positive
+22.5%
Q3 2022
Best reaction
-20.6%
Q3 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | -2.4% | +0.7% | |
| Q4 2025 | +9.2% | +17.3% | +5.7% | |
| Q3 2025 | -3.6% | -6.1% | -2.2% | |
| Q2 2025 | +0.2% | +0.9% | +8.6% | |
| Q1 2025 | +3.8% | +7.1% | +10.0% | |
| Q4 2024 | -4.1% | -11.8% | -14.6% | |
| Q3 2024 | +3.2% | +4.3% | +25.8% | |
| Q2 2024 | +10.5% | +10.9% | +2.4% | |
| Q1 2024 | +5.8% | +5.0% | +0.2% | |
| Q4 2023 | +0.2% | -2.5% | +3.3% | |
| Q3 2023 | -10.9% | -9.1% | -15.7% | |
| Q2 2023 | -10.9% | -5.1% | -9.3% | |
| Q1 2023 | +0.9% | +0.8% | -4.4% | |
| Q4 2022 | +6.9% | +12.9% | -12.5% | |
| Q3 2022 | +22.5% | +31.0% | +39.0% | |
| Q2 2022 | -4.3% | -2.2% | -11.1% | |
| Q1 2022 | -8.2% | -11.3% | -0.3% | |
| Q4 2021 | -3.3% | -4.1% | +10.9% | |
| Q3 2021 | -9.6% | -11.1% | -28.9% | |
| Q2 2021 | +6.5% | -0.2% | -2.1% | |
| Q1 2021 | +5.4% | +6.1% | +35.0% | |
| Q4 2020 | +13.7% | +26.3% | +15.5% | |
| Q3 2020 | -0.3% | +9.6% | +74.1% | |
| Q2 2020 | -1.0% | -4.0% | -5.2% | |
| Q1 2020 | -2.3% | +18.0% | +43.2% | |
| Q4 2019 | -14.3% | -18.7% | -69.9% | |
| Q3 2019 | +1.2% | +6.4% | -4.1% | |
| Q2 2019 | -17.1% | -20.6% | -33.5% | |
| Q1 2019 | +11.4% | +11.1% | -1.9% | |
| Q4 2018 | +5.6% | +9.1% | +3.6% | |
| Q3 2018 | -14.1% | -20.9% | -25.8% | |
| Q2 2018 | -2.0% | +2.6% | +3.7% | |
| Q1 2018 | +1.9% | +3.1% | +11.2% | |
| Q4 2017 | +6.5% | +0.0% | +3.3% | |
| Q3 2017 | -20.6% | -19.1% | -22.0% | |
| Q2 2017 | +0.9% | +4.1% | -9.6% | |
| Q1 2017 | +0.2% | -1.4% | -6.1% | |
| Q4 2016 | -0.3% | +1.8% | -3.2% | |
| Q3 2016 | -6.0% | -5.3% | +1.1% | |
| Q2 2016 | -4.6% | -8.6% | -2.1% | |
| Q1 2016 | -7.5% | — | — | |
| Q4 2015 | -6.3% | — | — | |
| Q3 2015 | -3.5% | — | — | |
| Q2 2015 | -2.7% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | -8.9% | — | — | |
| Q3 2014 | +2.7% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | +3.4% | — | — | |
| Q4 2013 | +0.6% | — | — | |
| Q3 2013 | +3.3% | — | — | |
| Q2 2013 | +3.0% | — | — | |
| Q1 2013 | +9.8% | — | — | |
| Q4 2012 | +2.9% | — | — | |
| Q3 2012 | -0.2% | — | — | |
| Q2 2012 | +1.7% | — | — | |
| Q1 2012 | -0.5% | — | — | |
| Q4 2010 | -2.7% | — | — | |
| Q4 2011 | -2.7% | — | — | |
| Q3 2011 | +7.5% | — | — | |
| Q2 2011 | -8.9% | — | — | |
| Q1 2010 | -2.1% | — | — | |
| Q1 2011 | +2.7% | — | — | |
| Q4 2008 | +7.4% | — | — | |
| Q3 2009 | +1.3% | — | — | |
| Q3 2010 | +1.3% | — | — | |
| Q4 2009 | -1.4% | — | — | |
| Q2 2009 | -1.4% | — | — | |
| Q2 2010 | -1.4% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro