Oceaneering International ( (OII) ) has released its Q4 earnings. Here is a breakdown of the information Oceaneering International presented to its investors.
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Oceaneering International is a global technology company delivering engineered services and products, along with robotic solutions, to industries including offshore energy, defense, aerospace, and manufacturing.
In its latest earnings report, Oceaneering International announced robust financial results for the fourth quarter and full year 2024. The company achieved a revenue of $713 million for the quarter, marking a 9% increase year-over-year, and $2.7 billion for the full year, reflecting a 10% rise. The results also highlighted the highest quarterly revenue since 2015 and a record adjusted EBITDA exceeding $100 million for the first time since 2016.
Key financial metrics showcased a 64% increase in operating income for the fourth quarter, reaching $77.9 million, and a 26% rise in net income, totaling $56.1 million. Adjusted EBITDA grew by 35% to $102 million, while the company’s cash flow from operations was $128 million, resulting in a free cash flow of $94.5 million. For the full year, operating income rose by 36% to $246 million, and net income surged by 51% to $147 million. The company’s strategic segments, such as Subsea Robotics and Offshore Projects Group, demonstrated notable improvements, contributing to the overall financial growth.
The company expressed optimism for 2025, with plans focused on revenue and operating income growth across all segments. Oceaneering aims to explore market expansion opportunities following its acquisition of Global Design Innovation Ltd., a U.K.-based digital and software services provider. Despite adjusting the lower end of its EBITDA guidance due to geopolitical uncertainties, the company remains committed to leveraging its backlog and sales pipeline to drive growth.
Looking ahead, Oceaneering’s leadership anticipates continued progress in 2025, with expected net income ranging between $160 million to $190 million and consolidated EBITDA between $380 million to $430 million. The company also projects free cash flow in the range of $110 million to $130 million, demonstrating a forward momentum in its financial performance.
