Oceaneering International, Inc. reported significant financial performance improvements for the third quarter and the first nine months of 2024, as detailed in its 10-Q filing. For the three months ended September 30, 2024, the company generated revenue of $679.8 million, a 7% increase from $635.2 million in the same period of 2023. For the nine-month period, revenue rose to $1.95 billion, up 10% from $1.77 billion year-over-year.
The company's profitability also improved, with net income for the nine months ending September 30, 2024, reaching $91.4 million, compared to $52.9 million in the prior year. Basic earnings per share increased to $0.90 for the nine months ended September 30, 2024, from $0.53 in 2023. Diluted earnings per share followed a similar trend, rising to $0.89 from $0.52.
Oceaneering's total current assets increased to $1.41 billion as of September 30, 2024, up from $1.31 billion at the end of 2023. Total assets also grew to $2.36 billion, compared to $2.24 billion previously. However, total current liabilities rose to $800.1 million from $732.5 million, indicating a shift in the company's financial structure.
The revenue growth was driven by the Subsea Robotics and Manufactured Products segments, which reported revenues of $215.7 million and $143.7 million, respectively, for the third quarter of 2024. The Offshore Projects Group (OPG) segment experienced a decrease in operating results due to project mix changes and vessel downtime, while the Integrity Management & Digital Solutions (IMDS) segment saw a decline in operating results despite higher revenue, attributed to a one-time charge from a recent divestiture.
Oceaneering's capital expenditures for the first nine months of 2024 totaled $73 million, compared to $67 million in the same period of 2023. The company repurchased approximately $10 million of its common stock during this period, with a total of 0.4 million shares repurchased.
The company continues to maintain a strong liquidity position, with $215 million available under its revolving credit facility as of September 30, 2024. The company reported no borrowings under this facility and remains compliant with all financial covenants.
Overall, Oceaneering's strategic focus on operational efficiency and growth in its energy-related segments has contributed to its improved financial performance in 2024, despite challenges in certain areas.
About OCEANEERING INTERNATIONAL INC
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