NYSE$SMHI
SEACOR Marine Holdings Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter 2024 results, with a decrease in operating income and DVP margin due to increased drydocking and major repair expenses.
SEACOR Marine reported consolidated operating revenues of $69.9 million for Q2 2024, with an operating loss of $3.9 million and direct vessel profit of $20.3 million. The results reflect a decrease in operating income and DVP margin compared to the previous year, primarily due to increased drydocking and major repair expenses.
- Revenues increased by 2.3% compared to Q2 2023 and 11.3% compared to Q1 2024.
- Average day rates increased by 25.5% to $19,141 compared to Q2 2023.
- Fleet utilization decreased to 69% from 78% in Q2 2023.
- DVP margin decreased to 29.1% from 44.8% in Q2 2023, impacted by $8.5 million in drydocking and major repairs.
Headline financials
Revenue & EPS history
SEACOR Marine · Revenue · Quarterly
$69.9M
Revenue by segment
SEACOR Marine · $54M total across 3 segments · Q2 2022
- Time Charter$49.5M—91.6%
- Other Marine Services$4.47M—8.3%
- Bareboat Charter$48K—0.1%
Forward guidance
SEACOR Marine anticipates improved utilization and performance for the remainder of 2024 and into 2025, driven by the completion of maintenance schedules and favorable pricing.
Tailwinds
- The company has $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year.
- Average day rates are expected to improve as contracts roll off.
- The company is well advanced in this year’s maintenance schedule, which should translate into improved utilization.
- Improved utilization, coupled with more favorable pricing, should lead to significant improvements in performance.
- The company is investing in its fleet by installing hybrid battery systems on four PSVs.
Headwinds
- Utilization was affected by near-term softer demand in the U.S.
- Utilization was affected by longer re-marketing time between jobs internationally.
- There are delays in the project schedules of customers in the U.S., particularly in decommissioning and offshore wind.
- Shipyards and vendors continue to address various capacity challenges.
- Some drydockings and major repairs have taken longer than expected.
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 Q2 2024
-1.5%
Avg return
Earnings day
-2.9%
Avg return
5 days after
+2.3%
Avg return
30 days after
41%
16 / 39 earnings
Positive
+15.9%
Q4 2023
Best reaction
-18.7%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -0.7% | -0.1% | |
| Q4 2025 | -8.0% | -6.4% | -7.3% | |
| Q3 2025 | +3.3% | +14.0% | +17.5% | |
| Q1 2025 | -0.2% | +4.8% | +12.9% | |
| Q4 2024 | +4.4% | -7.9% | -9.5% | |
| Q3 2024 | -18.7% | -20.2% | -17.8% | |
| Q2 2024 | -9.5% | -21.1% | -15.4% | |
| Q1 2024 | +2.5% | -4.2% | +7.7% | |
| Q4 2023 | +15.9% | +14.9% | +33.4% | |
| Q3 2023 | -1.7% | -1.9% | -10.3% | |
| Q2 2023 | -3.6% | +1.4% | +8.3% | |
| Q1 2023 | +4.5% | +7.4% | +16.2% | |
| Q4 2022 | -6.6% | -7.7% | -29.8% | |
| Q3 2022 | -4.1% | -5.0% | +15.4% | |
| Q2 2022 | -2.9% | -0.6% | +2.4% | |
| Q1 2022 | -1.0% | -4.1% | +15.0% | |
| Q4 2021 | +0.3% | -13.1% | +34.1% | |
| Q3 2021 | +6.3% | +6.3% | -15.8% | |
| Q2 2021 | +5.6% | +3.3% | +10.3% | |
| Q1 2021 | -3.9% | -10.5% | +10.8% | |
| Q4 2020 | +4.2% | -2.4% | -8.0% | |
| Q3 2020 | +7.1% | +2.9% | +26.5% | |
| Q2 2020 | -2.3% | +8.2% | -2.3% | |
| Q1 2020 | -13.3% | -22.4% | +63.1% | |
| Q4 2019 | -1.1% | -19.6% | -44.1% | |
| Q3 2019 | +0.3% | -8.0% | -10.3% | |
| Q2 2019 | +2.6% | -1.6% | +8.2% | |
| Q1 2019 | -5.7% | +0.1% | +1.8% | |
| Q4 2018 | -10.4% | -4.1% | +2.7% | |
| Q3 2018 | +1.9% | +1.9% | -12.0% | |
| Q2 2018 | -3.2% | -0.8% | -6.9% | |
| Q1 2018 | -5.4% | -8.3% | -8.8% | |
| Q4 2015 | -3.3% | -2.4% | +19.6% | |
| Q4 2017 | -3.3% | -2.4% | +19.6% | |
| Q3 2017 | -5.8% | -7.3% | -12.8% | |
| Q2 2017 | -7.5% | -13.5% | -14.2% | |
| Q1 2016 | +2.1% | +6.1% | -2.8% | |
| Q1 2017 | +2.1% | +6.1% | -2.8% | |
| Q4 2016 | +2.1% | +6.1% | -2.8% |
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