OII - Oceaneering rallies after easy Q3 earnings beat; issues initial 2023 guidance
Oceaneering ( NYSE: OII ) +6.8% post-market Wednesday, adding to the 5.2% gain in regular trading, after easily beating Q3 adjusted earnings estimates as revenues rose 20% Y/Y to $559M.
Q3 net income swung to a profit of $18.3M, or $0.18/share, from a year-earlier loss of $7.3M, or a loss of $0.07/share
For FY 2022, Oceaneering ( OII ) narrowed guidance for adjusted EBITDA to $215M-$240M and continues to expect positive free cash flow of $25M-$75M, while maintaining its outlook for organic capital spending of $70M-$80M.
For Q4, the company expects EBITDA will decline on relatively flat revenue Q/Q, including significantly lower revenue and operating profitability in the Offshore Projects Group segment due to lower seasonal activity.
Offering initial guidance for FY 2023, Oceaneering ( OII ) expects consolidated EBITDA of $260M-$310M and free cash flow generation of more than $100M.
The company said its mobile and subsea robotics businesses are "experiencing heightened levels of interest as automation lowers on-site personnel requirements and enables remote supervisory control."
Oceaneering's ( OII ) stock price return shows a 7% YTD loss and a decline of 28% during the past year .
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Oceaneering rallies after easy Q3 earnings beat; issues initial 2023 guidance