- Oceaneering (NYSE:OII +13.2%) says that as oil prices bounced back in Q1, the company benefited by fueling more demand for its offshore products and services, hence enabled to deliver stronger results.
- Revenue rose ~19% Y/Y driven by growth in remotely operated vehicles (ROVs), subsea projects, and advanced technologies segments.
- ROV revenue jumped 17% to $100.3M, led by improved utilization from 44% to 53% as well as higher revenue per day for its vessels.
- Subsea projects revenue rocketed nearly 58% to $89.7M
- Generated $30.4M of EBITDA, surpassing expectations.
- The company narrows its guidance range for adjusted EBITDA, and now expects between $150M-$180M, a $10M increase at the low end from its initial outlook.
- Forecasts overall ROV fleet utilization above 50% range and ROV EBITDA margin to remain relatively flat
- For Subsea Products, expects good order intake in H1 2019, hence driving increased activity in H2 2019; a book-to-bill ratio in the range of 1.25 to 1.4 for 2019; and operating margins in the mid-single digit range
- Previously: Oceaneering beats by $0.21, beats on revenue (April 29)