(Oceaneering, 28.Jul.2021) — Oceaneering International, Inc. (NYSE:OII) reported net income of $6.2mn, or $0.06 per share, on revenue of $498mn for the three months ended 30 June 2021. Adjusted net income was $10.4mn, or $0.10 per share, reflecting the impact of $3.2mn of pre-tax adjustments associated with a loss on the sale of an asset and foreign exchange losses recognized during the quarter, and $1.6mn of discrete tax adjustments, primarily due to changes in valuation allowances.
During the prior quarter ended 31 March 2021, Oceaneering reported a net loss of $9.4mn, or $(0.09) per share, on revenue of $438mn. Adjusted net income was $2.8mn, or $0.03 per share, reflecting the impact of $3.2mn of pre-tax adjustments associated with restructuring and other expenses and foreign exchange losses recognized during the quarter, and $9.6 million of discrete tax adjustments.
For the second quarter of 2021:
- Consolidated Adjusted EBITDA was $60.6mn
- Consolidated Adjusted Operating Income was $24.2mn
- Cash flow generated from operations was $50.5mn and free cash flow was $37.9mn
- Cash position increased by $13.3mn, from $443mn to $456mn
- We retired $30.5mn of our 2024 senior notes through open market repurchases
Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “Based on our first half financial performance and expectations for the second half of 2021, we are raising our adjusted EBITDA guidance to a range of $200mn to $225mn for the full year. This confidence, despite ongoing uncertainties associated with COVID-19, stems from positive client interactions, supportive oil price expectations, and growing backlog.”
“Our second quarter 2021 results returned positive net income, and we produced adjusted EBITDA of $60.6mn, which exceeded consensus estimates. These positive results were attributable to the increased seasonal demand for our services and products in our energy businesses, growth in our government focused business segment, and forfeitures of long-term incentive accruals in Unallocated Expenses,” Larson said.
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