Oceaneering (OII) Tops Q2 EPS by 2c; offers guidance

Oceaneering (NYSE: OII) reported Q2 EPS of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $668.81 million versus the consensus estimate of $656.87 million.

GUIDANCE

Third Quarter 2024 Guidance

On a consolidated basis, third quarter 2024 operating results are expected to continue to improve sequentially, with EBITDA in the range of $95 million to $105 million on a low- to mid-single digit percentage increase in revenue. At the segment level, for the third quarter of 2024, as compared to the second quarter 2024:

SSR activity levels and operating profitability are expected to improve slightly;
Manufactured Products revenue is forecasted to be higher with lower operating profitability;
OPG revenue is expected to be similar to the second quarter of 2024 while generating significantly higher operating profitability;
IMDS activity levels and operating profitability are expected to be relatively flat;
ADTech revenue is projected to be flat with significantly higher operating profitability; and
Unallocated Expenses are forecasted to be in the $40 million range.

Updated Full-Year 2024 Guidance

Full-year 2024 consolidated and segment guidance remains the same as previously provided, except as follows:

Consolidated adjusted EBITDA is expected in the range of $340 million to $370 million,
Net income is expected in the range of $130 million to $150 million; and
ADTech operating income and margins are expected to be lower as compared to 2023.

For earnings history and earnings-related data on Oceaneering (OII) click here.

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