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Oceaneering International Inc.$18.25($.23)(1.24%)

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 Oceaneering Reports Second Quarter 2017 Results
   Wednesday, July 26, 2017 5:02:00 PM ET

Oceaneering International, Inc. ("Oceaneering") (OII ) today reported net income of $2.1 million, or $0.02 per share, on revenue of $515 million for the three months ended June 30, 2017. During the prior quarter ended March 31, 2017, Oceaneering reported a net loss of $7.5 million, or $(0.08) per share, on revenue of $446 million, and an adjusted net loss of $4.0 million, or $(0.04) per share.

Adjusted operating income, operating margin, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) and free cash flow are non-GAAP measures which exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and EBITDA Margins, Free Cash Flow, Adjusted Operating Income and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Summary of Results
(in thousands, except per share amounts)
                                         Three Months Ended                        Six Months Ended
                                         Jun 30,                     Mar 31,       Jun 30,
                                         2017          2016          2017          2017          2016
Revenue                                  $   515,036   $   625,539   $   446,176   $   961,212   $   1,233,883
Gross Margin                             53,571        95,233        44,855        98,426        192,713
Income (Loss) from Operations            9,390         38,380        (150)         9,240         86,479
Net Income (Loss)                        $   2,132     $   22,309    $   (7,534)   $   (5,402)   $   47,412
Diluted Earnings (Loss) Per Share (EPS)  $   0.02      $   0.23      $   (0.08)    $   (0.06)    $   0.48

Sequentially, operating income increased by $9.5 million on improved profit contributions from all of our business segments, except for Subsea Products, which was slightly lower.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Our overall operating results during the quarter were in line with expectations. We were pleased that each of our operating segments remained profitable. On a consolidated basis, for the first half of 2017, we have generated $112 million of EBITDA and $61 million of free cash flow. We believe our cash flow and liquidity position us well to manage our business through the continuing industry downturn; at the end of the quarter, we had $482 million in cash and an undrawn $500 million revolving credit facility. Based on these strengths, the Board maintained our current dividend rate and declared a $0.15 per share dividend to be paid during the third quarter of 2017.

"Compared to the first quarter, ROV operating income increased on higher activity for vessel based services. Our fleet mix during the quarter was 61% in drill support and 39% for vessel-based activity, compared to 69% and 31%, for the prior quarter. Revenue grew 10% on increased days on hire and revenue per day on hire, and ROV EBITDA margin of 38% improved slightly from 37% for the first quarter.

"During the second quarter, we put one new ROV into service and retired four. At the end of June 2017, we had 279 vehicles in our fleet. Our fleet utilization for the second quarter was 48%, up from 46% in the first quarter. We held our share of the contracted floating drill support market, with 53% of the 153 floating rigs under contract.

"Sequentially, Subsea Products operating income was slightly lower than expected, due to the continued weakness and competitive nature of the service and rental market. Our Subsea Products backlog at June 30, 2017 was $328 million, compared to our March 31, 2017 backlog of $407 million. The backlog decline was primarily related to umbilicals. Our book-to-bill ratio year-to-date was 0.69.

"Compared to the first quarter, Subsea Projects revenue and operating income increased driven by seasonal improvements in U.S. Gulf of Mexico deepwater vessel work and survey services. Asset Integrity revenue and operating income were up due to seasonality. Advanced Technologies revenue and operating income improved, primarily due to continued increased commercial activity and work for the U.S. Navy. Unallocated Expenses were essentially flat.

"For the third quarter of 2017, we are expecting a sequential increase in our overall quarterly operating income. This improvement should be led by Subsea Products and Subsea Projects, with slight declines in profit contributions from our other operating segments and flat Unallocated Expenses.

"Relative to the first half of 2017, during the second half we expect to generate higher consolidated operating income on relatively flat revenue. Subsea Products profit contribution is expected to be higher, as projected increases in service and rental activity more than offset lower manufactured products throughput. We continue to project our Subsea Products operating margins to be in the mid- to high-single digit range. We expect operating income contributions from ROV and Asset Integrity during the second half to be similar to the first half. For Subsea Projects, we anticipate our results to be considerably lower due to the completion of vessel work offshore Angola, projected low levels of vessel activity, and vessel oversupply. With respect to Advanced Technologies, we expect improved operating income due to a projected uptick in our commercial businesses.

"Our overall outlook for the full year of 2017 has not changed. We continue to project that we will be marginally profitable at the operating income line on a consolidated basis.

"Beyond 2017, we believe that the oil and gas industry will continue its investment in deepwater projects, and foresee improving demand for our services and products. Meanwhile, we continue to look for opportunities that may emerge to grow our company, with more focus on our customers’ operating expenditures in the production phase of the offshore oilfield life cycle, while providing a dividend to shareholders."

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: belief that its cash flow and liquidity position it well to manage its business through the continuing industry downturn; Subsea Products backlog; outlook for the third quarter of 2017, and expected contributions of its segments to the third quarter results; expectations of Subsea Products margins; expectation of higher consolidated operating income on relatively flat revenue in the second half of 2017, relative to the first half of 2017, and expected contributions of its segments to those operating results; expectation for the full year of 2017 to be marginally profitable at the operating income line on a consolidated basis; beliefs about deepwater investment and improving demand for its services and products; and intention to look for opportunities that may emerge to grow our company, with more focus on our customers’ operating expenditures in the production phase of the offshore oilfield life cycle, while providing a dividend to shareholders. The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; future global economic conditions; the loss of major contracts or alliances; future performance under our customer contracts; and the effects of competition. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries. For more information on Oceaneering, please visit www.oceaneering.com.

Contact: Suzanne Spera Director, Investor Relations Oceaneering International, Inc. 713-329-4707 investorrelations@oceaneering.com

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                                    Jun 30, 2017     Dec 31, 2016
                                                                                                    (in thousands)
ASSETS
   Current Assets (including cash and cash equivalents of $482,339 and $450,193)                    $    1,261,705   $    1,262,595
   Net Property and Equipment                                                                       1,100,190        1,153,258
   Other Assets                                                                                     729,906          714,462
         TOTAL ASSETS                                                                               $    3,091,801   $    3,130,315
LIABILITIES AND SHAREHOLDERS’ EQUITY
   Current Liabilities                                                                              $    482,906     $    508,364
   Long-term Debt                                                                                   794,099          793,058
   Other Long-term Liabilities                                                                      323,651          312,250
   Shareholders’ Equity                                                                             1,491,145        1,516,643
         TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                 $    3,091,801   $    3,130,315
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                      For the Three Months Ended                   For the Six Months Ended
                                                                      Jun 30, 2017   Jun 30, 2016   Mar 31, 2017   Jun 30, 2017   Jun 30, 2016
                                                                      (in thousands, except per share amounts)
      Revenue                                                         $    515,036   $    625,539   $    446,176   $    961,212   $    1,233,883
      Cost of services and products                                   461,465        530,306        401,321        862,786        1,041,170
              Gross Margin                                            53,571         95,233         44,855         98,426         192,713
      Selling, general and administrative expense                     44,181         56,853         45,005         89,186         106,234
              Income (loss) from Operations                           9,390          38,380         (150)          9,240          86,479
      Interest income                                                 2,045          1,442          1,337          3,382          1,737
      Interest expense                                                (7,599)        (6,207)        (6,268)        (13,867)       (12,599)
      Equity earnings (losses) of unconsolidated affiliates           (394)          263            (980)          (1,374)        789
      Other income (expense), net                                     (58)           (1,405)        (2,556)        (2,614)        (7,393)
              Income before Income Taxes                              3,384          32,473         (8,617)        (5,233)        69,013
      Provision for income taxes (benefit)                            1,252          10,164         (1,083)        169            21,601
              Net Income (loss)                                       $    2,132     $    22,309    $    (7,534)   $    (5,402)   $    47,412
Weighted average diluted shares outstanding                           98,751         98,424         98,138         98,201         98,355
Diluted Earnings (Loss) per Share                                     $    0.02      $    0.23      $    (0.08)    $    (0.06)    $    0.48
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
SEGMENT INFORMATION
                                        For the Three Months Ended                                  For the Six Months Ended
                                        Jun 30, 2017        Jun 30, 2016        Mar 31, 2017        Jun 30, 2017        Jun 30, 2016
                                        ($ in thousands)
Remotely Operated Vehicles     Revenue  $    103,432        $    139,641        $    94,022         $    197,454        $    287,262
                Gross Margin            $    16,659         $    26,925         $    13,022         $    29,681         $    62,247
Operating Income                        $    10,376         $    18,020         $    5,925          $    16,301         $    45,007
Operating Income %                      10            %     13            %     6             %     8             %     16             %
                Days available          25,300              28,959              25,219              50,519              57,778
                Days utilized           12,267              16,057              11,488              23,755              32,062
                Utilization             48            %     55            %     46            %     47            %     55             %
Subsea Products                Revenue  $    174,893        $    190,897        $    150,639        $    325,532        $    385,709
                Gross Margin            $    22,762         $    42,728         $    24,991         $    47,753         $    98,864
Operating Income                        $    10,552         $    25,121         $    11,483         $    22,035         $    65,761
Operating Income %                      6             %     13            %     8             %     7             %     17             %
Backlog at end of period                $    328,000        $    503,000        $    407,000        $    328,000        $    503,000
Subsea Projects                Revenue  $    75,545         $    138,662        $    62,956         $    138,501        $    268,084
                Gross Margin            $    6,462          $    14,317         $    4,024          $    10,486         $    25,826
Operating Income                        $    3,000          $    10,237         $    187            $    3,187          $    17,026
Operating Income %                      4             %     7             %     --            %     2             %     6              %
Asset Integrity                Revenue  $    58,192         $    73,864         $    52,658         $    110,850        $    143,464
                Gross Margin            $    10,004         $    10,096         $    8,381          $    18,385         $    17,439
Operating Income (Loss)                 $    3,755          $    (805)          $    2,267          $    6,022          $    (371)
Operating Income (Loss) %               6             %     (1)           %     4             %     5             %     --             %
Advanced Technologies          Revenue  $    102,974        $    82,475         $    85,901         $    188,875        $    149,364
                Gross Margin            $    14,133         $    10,600         $    10,072         $    24,205         $    16,427
Operating Income                        $    7,632          $    5,528          $    5,026          $    12,658         $    6,121
Operating Income %                      7             %     7             %     6             %     7             %     4              %
Unallocated Expenses
Gross margin                            $    (16,449)       $    (9,433)        $    (15,635)       $    (32,084)       $    (28,090)
Operating income                        $    (25,925)       $    (19,721)       $    (25,038)       $    (50,963)       $    (47,065)
TOTAL                          Revenue  $    515,036        $    625,539        $    446,176        $    961,212        $    1,233,883
                Gross Margin            $    53,571         $    95,233         $    44,855         $    98,426         $    192,713
Operating Income (Loss)                 $    9,390          $    38,380         $    (150)          $    9,240          $    86,479
Operating Income %                      2             %     6             %     --            %     1             %     7              %
SELECTED CASH FLOW INFORMATION
                                               For the Three Months Ended                For the Six Months Ended
                                               Jun 30, 2017  Jun 30, 2016  Mar 31, 2017  Jun 30, 2017   Jun 30, 2016
                                               (in thousands)
Capital expenditures, including acquisitions   $    23,493   $    31,738   $    17,807   $    41,300    $    52,944
Depreciation and Amortization:
Oilfield
               Remotely Operated Vehicles      $    29,036   $    34,026   $    29,229   $    58,265    $    67,710
               Subsea Products                 12,785        12,952        12,999        25,784         25,759
               Subsea Projects                 7,781         8,353         8,080         15,861         16,872
               Asset Integrity                 1,780         2,843         1,460         3,240          5,756
Total Oilfield                                 51,382        58,174        51,768        103,150        116,097
Advanced Technologies                          784           806           797           1,581          1,540
Unallocated Expenses                           1,138         999           1,098         2,236          2,123
Total depreciation and amortization            $    53,304   $    59,979   $    53,663   $    106,967   $    119,760

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). We have included Adjusted Net Income and Diluted Earnings per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA margins, Adjusted EBITDA and Adjusted EBITDA margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
                                                                       For the Three Months Ended
                                                                       Jun 30, 2017             Jun 30, 2016              Mar 31, 2017
                                                                       Net Income  Diluted EPS  Net Income   Diluted EPS  Net Income    Diluted EPS
                                                                       (in thousands, except per share amounts)
Net Income (Loss) and Diluted EPS as reported in accordance with GAAP  $   2,132   $   0.02     $   22,309   $   0.23     $   (7,534)   $   (0.08)
Pre tax adjustments for the effects of:
                              Allowance for bad debts                  --                       5,757                     --
                              Foreign currency (gains) losses          (20)                     1,218                     2,153
Total pre tax adjustments                                              (20)                     6,975                     2,153
Tax effect on pre tax adjustments at the 35% statutory rate            7                        (2,441)                   (754)
Discrete tax items                                                     --                                                 2,106
                              Total of adjustments                     (13)                     4,534                     3,505
                              Adjusted amounts                         $   2,119   $   0.02     $   26,843   $   0.27     $   (4,029)   $   (0.04)
EBITDA and EBITDA Margins
                                          For the Three Months Ended                               For the Six Months Ended
                                          Jun 30, 2017       Jun 30, 2016       Mar 31, 2017       Jun 30, 2017       Jun 30, 2016
                                          ($ in thousands)
Net Income (Loss)                         $    2,132         $    22,309        $    (7,534)       $    (5,402)       $    47,412
Depreciation and Amortization             53,304             59,979             53,663             106,967            119,760
           Subtotal                       55,436             82,288             46,129             101,565            167,172
Interest Expense, net of Interest Income  5,554              4,765              4,931              10,485             10,862
Amortization included in Interest Expense (283)              (286)              (283)              (566)              (573)
Provision for Income Taxes (Benefit)      1,252              10,164             (1,083)            169                21,601
           EBITDA                         $    61,959        $    96,931        $    49,694        $    111,653       $    199,062
Revenue                                   $    515,036       $    625,539       $    446,176       $    961,212       $    1,233,883
EBITDA margin %                           12           %     15           %     11           %     12           %     16             %
Free Cash Flow
                                                               For the Six Months Ended
                                                                    Jun 30, 2017       Jun 30, 2016
                                                               (in thousands)
Net Income                                                          $    (5,402)  $    47,412
Depreciation and amortization                                       106,967       119,760
Other increases (decreases) in cash from operating activities       1,039         (22,571)
Cash flow provided by operating activities                          102,604       144,601
Purchases of property and equipment                                 (41,300)      (52,944)
Free Cash Flow                                                      $    61,304   $    91,657
Adjusted Operating Income and Margins by Segment
                                                                For the Three Months Ended June 30, 2017
                                                                Remotely       Subsea         Subsea         Asset           Advanced       Unalloc.      Total
                                                                Operated       Products       Projects       Integrity       Tech.          Expenses
                                                                Vehicles
                                                                ($ in thousands)
Operating income as reported in accordance with GAAP            $  10,376      $  10,552      $  3,000       $   3,755       $  7,632       $  (25,925)   $  9,390
Adjusted amounts                                                $  10,376      $  10,552      $  3,000       $   3,755       $  7,632       $  (25,925)   $  9,390
Revenue                                                         $  103,432     $  174,893     $  75,545      $   58,192      $  102,974                   $  515,036
Operating income % as reported in accordance with GAAP          10         %   6          %   4          %   6          %    7          %                 2          %
Operating income % using adjusted amounts                       10         %   6          %   4          %   6          %    7          %                 2          %
                                                                For the Three Months Ended June 30, 2016
                                                                Remotely       Subsea         Subsea         Asset           Advanced       Unalloc.      Total
                                                                Operated       Products       Projects       Integrity       Tech.          Expenses
                                                                Vehicles
                                                                ($ in thousands)
Operating income (loss) as reported in accordance with GAAP     $  18,020      $  25,121      $  10,237      $   (805)       $  5,528       $  (19,721)   $  38,380
Adjustments for the effects of:
                     Allowance for bad debts                    479            1,826          108            3,344           --             --            5,757
                                          Total of adjustments  479            1,826          108            3,344           --             --            5,757
Adjusted amounts                                                $  18,499      $  26,947      $  10,345      $   2,539       $  5,528       $  (19,721)   $  44,137
Revenue                                                         $  139,641     $  190,897     $  138,662     $   73,864      $  82,475                    $  625,539
Operating income (loss) % as reported in accordance with GAAP   13         %   13         %   7          %   (1)        %    7          %                 6          %
Operating income % using adjusted amounts                       13         %   14         %   7          %   3          %    7          %                 7          %
                                                               For the Three Months Ended March 31, 2017
                                                               Remotely      Subsea         Subsea        Asset           Advanced      Unalloc.      Total
                                                               Operated      Products       Projects      Integrity       Tech.         Expenses
                                                               Vehicles
                                                               ($ in thousands)
Operating income (loss) as reported in accordance with GAAP    $  5,925      $  11,483      $  187        $   2,267       $  5,026      $  (25,038)   $ (150)
Adjusted amounts                                               $  5,925      $  11,483      $  187        $   2,267       $  5,026      $  (25,038)   $ (150)
Revenue                                                        $  94,022     $  150,639     $  62,956     $   52,658      $  85,901                   $ 446,176
Operating income (loss) % as reported in accordance with GAAP  6         %   8          %   --        %   4          %    6         %                 --        %
Operating income % using adjusted amounts                      6         %   8          %   --        %   4          %    6         %                 --        %
Adjusted Operating Income and Margins by Segment
                                                              For the Six Months Ended June 30, 2017
                                                              Remotely       Subsea         Subsea         Asset            Advanced       Unalloc.      Total
                                                              Operated       Products       Projects       Integrity        Tech.          Expenses
                                                              Vehicles
                                                              ($ in thousands)
Operating income as reported in accordance with GAAP          $  16,301      $  22,035      $  3,187       $   6,022        $  12,658      $  (50,963)   $  9,240
Adjusted amounts                                              $  16,301      $  22,035      $  3,187       $   6,022        $  12,658      $  (50,963)   $  9,240
Revenue                                                       $  197,454     $  325,532     $  138,501     $   110,850      $  188,875                   $  961,212
Operating income % as reported in accordance with GAAP        8          %   7          %   2          %   5           %    7          %                 1            %
Operating income % using adjusted amounts                     8          %   7          %   2          %   5           %    7          %                 1            %
                                                              For the Six Months Ended June 30, 2016
                                                              Remotely       Subsea         Subsea         Asset            Advanced       Unalloc.      Total
                                                              Operated       Products       Projects       Integrity        Tech.          Expenses
                                                              Vehicles
                                                              ($ in thousands)
Operating income (loss) as reported in accordance with GAAP   $  45,007      $  65,761      $  17,026      $   (371)        $  6,121       $  (47,065)   $  86,479
Adjustments for the effects of:
                    Allowance for bad debts                   479            1,826          108            3,344            --             --            5,757
                    Fixed asset write-offs                    --             --             --             --               --             --            --
                                        Total of adjustments  479            1,826          108            3,344            --             --            5,757
Adjusted amounts                                              $  45,486      $  67,587      $  17,134      $   2,973        $  6,121       $  (47,065)   $  92,236
Revenue                                                       $  287,262     $  385,709     $  268,084     $   143,464      $  149,364                   $  1,233,883
Operating income % as reported in accordance with GAAP        16         %   17         %   6          %   --          %    4          %                 7            %
Operating income % using adjusted amounts                     16         %   18         %   6          %   2           %    4          %                 7            %
EBITDA and Adjusted EBITDA and Margins by Segment
                                                               For the Three Months Ended June 30, 2017
                                                               Remotely       Subsea         Subsea         Asset         Advanced       Unalloc.        Total
                                                               Operated       Products       Projects       Integrity     Tech.          Expenses
                                                               Vehicles                                                                  and other
                                                               ($ in thousands)
Operating income as reported in accordance with GAAP           $   10,376     $   10,552     $   3,000      $   3,755     $   7,632      $    (25,925)   $   9,390
Adjustments for the effects of:
               Depreciation and amortization                   29,036         12,785         7,781          1,780         784            1,138           53,304
               Other pre-tax                                   --             --             --             --            --             (735)           (735)
               EBITDA                                          39,412         23,337         10,781         5,535         8,416          (25,522)        61,959
Adjustments for the effects of:
               Foreign currency (gains) losses                 --             --             --             --            --             (20)            (20)
                               Total of adjustments            --             --             --             --            --             (20)            (20)
Adjusted EBITDA                                                $   39,412     $   23,337     $   10,781     $   5,535     $   8,416      $    (25,542)   $   61,939
Revenue                                                        $   103,432    $   174,893    $   75,545     $   58,192    $   102,974                    $   515,036
Operating income % as reported in accordance with GAAP         10          %  6           %  4           %  6          %  7           %                  2           %
EBITDA Margin                                                  38             13             14             10            8                              12
Adjusted EBITDA Margin                                         38             13             14             10            8                              12
                                                               For the Three Months Ended June 30, 2016
                                                               Remotely       Subsea         Subsea         Asset         Advanced       Unalloc.        Total
                                                               Operated       Products       Projects       Integrity     Tech.          Expenses
                                                               Vehicles                                                                  and other
                                                               ($ in thousands)
Operating income (loss) as reported in accordance with GAAP    $   18,020     $   25,121     $   10,237     $   (805)     $   5,528      $    (19,721)   $   38,380
Adjustments for the effects of:
               Depreciation and amortization                   34,026         12,952         8,353          2,843         806            999             59,979
               Other pre-tax                                   --             --             --             --            --             (1,428)         (1,428)
               EBITDA                                          52,046         38,073         18,590         2,038         6,334          (20,150)        96,931
Adjustments for the effects of:
               Allowance for bad debts                         479            1,826          108            3,344         --             --              5,757
               Foreign currency (gains) losses                 --             --             --             --            --             1,219           1,219
                               Total of adjustments            479            1,826          108            3,344         --             1,219           6,976
Adjusted EBITDA                                                $   52,525     $   39,899     $   18,698     $   5,382     $   6,334      $    (18,931)   $   103,907
Revenue                                                        $   139,641    $   190,897    $   138,662    $   73,864    $   82,475                     $   625,539
Operating income (loss) % as reported in accordance with GAAP  13          %  13          %  7           %  (1)        %  7           %                  6           %
EBITDA Margin                                                  37          %  20          %  13          %  3          %  8           %                  15          %
Adjusted EBITDA Margin                                         38          %  21          %  13          %  7          %  8           %                  17          %
EBITDA and Adjusted EBITDA and Margins by Segment
                                                               For the Three Months Ended March 31, 2017
                                                               Remotely       Subsea          Subsea        Asset           Advanced      Unalloc.       Total
                                                               Operated       Products        Projects      Integrity       Tech.         Expenses
                                                               Vehicles                                                                   and other
                                                               ($ in thousands)
Operating income (loss) as reported in accordance with GAAP    $   5,925      $   11,483      $  187        $   2,267       $  5,026      $    (25,038)  $   (150)
Adjustments for the effects of:
                              Depreciation and amortization    29,229         12,999          8,080         1,460           797           1,098          53,663
                              Other pre-tax                    --             --              --            --              --            (3,819)        (3,819)
                              EBITDA                           35,154         24,482          8,267         3,727           5,823         (27,759)       49,694
Adjustments for the effects of:
                              Foreign currency (gains) losses  --             --              --            --              --            2,153          2,153
Adjusted EBITDA                                                $   35,154     $   24,482      $  8,267      $   3,727       $  5,823      $    (25,606)  $   51,847
Revenue                                                        $   94,022     $   150,639     $  62,956     $   52,658      $  85,901                    $   446,176
Operating income % as reported in accordance with GAAP         6          %   8           %   --        %   4          %    6         %                  --          %
EBITDA Margin                                                  37         %   16          %   13        %   7          %    7         %                  11          %
Adjusted EBITDA Margin                                         37         %   16          %   13        %   7          %    7         %                  12          %
EBITDA and Adjusted EBITDA and Margins by Segment
                                                              For the Six Months Ended June 30, 2017
                                                              Remotely        Subsea          Subsea          Asset            Advanced        Unalloc.       Total
                                                              Operated        Products        Projects        Integrity        Tech.           Expenses
                                                              Vehicles                                                                         and other
                                                              ($ in thousands)
Operating income as reported in accordance with GAAP          $   16,301      $   22,035      $   3,187       $   6,022        $   12,658      $    (50,963)  $   9,240
Adjustments for the effects of:
                    Depreciation and amortization             58,265          25,784          15,861          3,240            1,581           2,236          106,967
                    Other pre-tax                             --              --              --              --               --              (4,554)        (4,554)
                    EBITDA                                    74,566          47,819          19,048          9,262            14,239          (53,281)       111,653
Adjustments for the effects of:
                    Foreign currency (gains) losses           --              --              --              --               --              2,133          2,133
                                        Total of adjustments  --              --              --              --               --              2,133          2,133
Adjusted EBITDA                                               $   74,566      $   47,819      $   19,048      $   9,262        $   14,239      $    (51,148)  $   113,786
Revenue                                                       $   197,454     $   325,532     $   138,501     $   110,850      $   188,875                    $   961,212
Operating income % as reported in accordance with GAAP        8           %   7           %   2           %   5           %    7           %                  1             %
EBITDA Margin                                                 38          %   15          %   14          %   8           %    8           %                  12            %
Adjusted EBITDA Margin                                        38          %   15          %   14          %   8           %    8           %                  12            %
                                                              For the Six Months Ended June 30, 2016
                                                              Remotely        Subsea          Subsea          Asset            Advanced        Unalloc.       Total
                                                              Operated        Products        Projects        Integrity        Tech.           Expenses
                                                              Vehicles                                                                         and other
                                                              ($ in thousands)
Operating income (loss) as reported in accordance with GAAP   $   45,007      $   65,761      $   17,026      $   (371)        $   6,121       $    (47,065)  $   86,479
Adjustments for the effects of:
                    Depreciation and amortization             67,710          25,759          16,872          5,756            1,540           2,123          119,760
                    Other pre-tax                             --              --              --              --               --              (7,177)        (7,177)
                    EBITDA                                    112,717         91,520          33,898          5,385            7,661           (52,119)       199,062
Adjustments for the effects of:
                    Allowance for bad debts                   479             1,826           108             3,344            --              --             5,757
                    Foreign currency (gains) losses           --              --              --              --               --              7,103          7,103
                                        Total of adjustments  479             1,826           108             3,344            --              7,103          12,860
Adjusted EBITDA                                               $   113,196     $   93,346      $   34,006      $   8,729        $   7,661       $    (45,016)  $   211,922
Revenue                                                       $   287,262     $   385,709     $   268,084     $   143,464      $   149,364                    $   1,233,883
Operating income % as reported in accordance with GAAP        16          %   17          %   6           %   --          %    4           %                  7             %
EBITDA Margin                                                 39          %   24          %   13          %   4           %    5           %                  16            %
Adjusted EBITDA Margin                                        39          %   24          %   13          %   6           %    5           %                  17            %

View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2017-results-300494632.ht

SOURCE Oceaneering International, Inc.

https://rt.prnewswire.com/rt.gif?NewsItemId=DA50784&Transmission_Id=201707261702PR_NEWS_USPR_____DA50784&DateId=20170726



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