Oceaneering International, Inc. (NYSE:OII) Q2 2024 Results Conference Call July 25, 2024 11:00 AM ET

Company Participants

Hilary Frisbie - Senior Director, Investor Relations
Rod Larson - President & Chief Executive Officer
Alan Curtis - Senior Vice President & Chief Financial Officer

Conference Call Participants

David Smith - Pickering Energy Partners
Kurt Hallead - Benchmark
Josh Jayne - Daniel Energy Partners

Operator

Welcome, everyone to Oceaneering's Second Quarter 2024 Earnings Conference Call. My name is Britney, and I will be your conference operator. [Operator Instructions]. With that, I will now turn the call over to Hilary Frisbie, Oceaneering Senior Director of Investor Relations.

Hilary Frisbie

Thanks, Britney. Good morning, and welcome to Oceaneering's Second Quarter 2024 Results Conference Call. Today's call is being webcast, and a replay will be available on Oceaneering's website. Joining us on the call 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 the course of 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 harbor provisions of the Private Securities Litigation Reform Act of 1995. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our second quarter press release. We welcome your questions after the prepared statements. I will now turn the call over to Rod.

Rod Larson

Good morning, and thanks for joining the call today. I'd like to begin by highlighting the continued strength that we're seeing in our energy-related business. Remotely Operated Vehicles or ROV average revenue per day utilized continues to increase, averaging $10,528 for the quarter, a key component in driving Subsea Robotics or SSR EBITDA margins into the mid-30% range. Consolidated bookings led by our energy business during the quarter exceeded $1 billion with manufactured products backlog ending the quarter at $713 million. Additionally, quotation activity is still strong across our Energy and Aerospace and Defense Technologies or ADTech businesses.

Today, I'll focus my comments on our performance for the second quarter of 2024 and our consolidated and business segment outlook for the third quarter and full year 2024. Now for our results. For the second quarter, we reported net income of $35 million or $0.34 per share on revenue of $669 million. Adjusted net income was $28.6 million or $0.28 per share. These adjusted results included the impact of $1 million of foreign exchange gains and $5.5 million of expenses related to discrete tax adjustments. Our consolidated second quarter 2024 operating income as compared to the second quarter of 2023 was up 23% and revenue was up 12%. All of our business segments achieved revenue increases with improved operating income in our SSR and Manufactured Products segments.