Q4 2024 Oceaneering International Inc Earnings Call Transcript
Key Points
- Oceaneering International Inc (OII) recorded a notable order intake of $2.9 billion in 2024, reflecting strong customer confidence.
- The company achieved its highest quarterly revenue since the fourth quarter of 2015 and surpassed $100 million in adjusted EBITDA for the first time since the second quarter of 2016.
- OII reported a 26% year-over-year increase in net income for the fourth quarter of 2024, with consolidated revenue up by 9%.
- The Subsea Robotics (SSR) segment saw a 361 basis point improvement in EBITDA margin year-over-year, exiting 2024 at 36%.
- Oceaneering International Inc (OII) demonstrated a strong commitment to safety, achieving a 56% reduction in high potential incidents in 2024.
- The manufactured products segment experienced a decline in operating income margin to 3% due to a reserve taken on an umbilical project.
- The book-to-bill ratio for the full year of 2024 was lower than expected at 0.97, compared to 1.31 in 2023.
- Integrity Management and Digital Solutions (IMDS) saw a decrease in operating income margin from 5% to 3% in the fourth quarter.
- Aerospace and Defense Technologies (ADTech) experienced a decline in operating income margin to 10% due to changes in project mix.
- Cash flow from operations declined by $6.7 million in 2024 compared to 2023, attributed to increased net working capital and cash taxes.
Welcome to Oceaneering's fourth quarter and full year 2024 earnings conference call. My name is Desiree, and I will be your conference operator. (Operator Instructions)
With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations. Please go ahead.
Thanks, Desiree. Good morning, and welcome to Oceaneering's fourth quarter and full year 2024 earnings conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website. With me on the call today are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; and Alan Curtis, Senior Vice President and Chief Financial Officer.
Before we begin, I would like to remind participants that statements we make during this call regarding our future financial performance, business strategy, plans for future operations and industry conditions are forward-looking statements made pursuant to the safe
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