ACGYF - Subsea 7 S.A. (SUBCY) Q1 2024 Earnings Call Transcript
2024-04-25 15:19:07 ET
Subsea 7 S.A. (SUBCY)
Q1 2024 Results Conference Call
April 25, 2024 09:00 AM ET
Company Participants
Katherine Tonks - Head of Investor Relations
John Evans - Chief Executive Officer
Mark Foley - Chief Financial Officer
Stuart Fitzgerald - Chief Executive Officer, Seaway 7
Conference Call Participants
Victoria McCulloch - RBC
Richard Dawson - Berenberg
Kevin Roger - Kepler Cheuvreux
Kate Somerville - JPMorgan
Kate O'Sullivan - Citi
Christopher Mollerlokken - SparBank 1 Markets
Mark Wilson - Jefferies
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Subsea 7 First Quarter 2024 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to the conference over to your speaker today, Katherine Tonks. Please go ahead.
Katherine Tonks
Welcome, everyone, and thank you for joining us on a busy day. With me on the call today are John Evans, our CEO; Mark Foley, our CFO; and Stuart Fitzgerald CEO of Seaway 7. The results press release is available to download on our website along with the slides that we'll be using during today's call. Please note that some of the information discussed on the call today will include forward-looking statements that reflect our current views. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in our annual report or at the bottom of today's quarterly press release. I'll now turn the call over to John.
John Evans
Thank you, Katherine, and good afternoon, everyone. I will start with a summary of the first quarter before passing over to Mark for more details on the financial results. Turning to Slide 3. Subsea 7 delivered first quarter adjusted EBITDA of $162 million, up 52% year-on-year and with a margin of 12%. This is in line with our expectations for the quarter, and we're on track to meet the full year guidance. During the quarter, we continued to win high-quality projects, and our backlog remained robust at $10.4 billion. This portfolio of firm work supports our expectations for strong margin expansion this year and a goal to achieve an 18% to 20% adjusted EBITDA margin in 2025. Our conversations with clients in both Subsea and offshore wind remained very positive, and we are excited about the opportunities for both businesses near term and over the longer term....
Subsea 7 S.A. (SUBCY) Q1 2024 Earnings Call Transcript