The following is a summary of the Oceaneering International, Inc. (OII) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Oceaneering International reported Q1 2024 net income of $15.1 million ($0.15 per share) on revenue of $599 million, with a 37% increase in operating income and a 12% rise in revenue from Q1 2023.

• Consolidated adjusted EBITDA exceeded guidance range and consensus estimates due to better-than-expected activity levels across various businesses.

• Manufacturing products operating income improved by 17% with a 15% increase in revenue.

• Backlog of $597 million by the end of Q1 2024, indicating an increase of $151 million over the first quarter of 2023.

• The company expects a gradual improvement in cash generation throughout the year.

Business Progress:

• The company noted a highest first quarter EBITDA since 2016, with expectations for sustained growth in traditional and developing markets.

• An increase in customer engagement and healthy orders in the energy sector were reported.

• The company conducted a successful demo for the U.S. Navy and Defense Innovation Unit in Norway, currently at Phase 2.

• Oceaneering International anticipates continuous growth in pricing for Remotely Operated Vehicles similar to deep-water rig rates.

• Oceaneering is looking forward to establishing a return of cash to shareholder program in the future, contingent on the success of a share repurchase program.

More details: Oceaneering International IR

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