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Oceaneering International (OII) Q2 FY2024 earnings: revenue $669 million, up 11.9% on the year

Oceaneering International Inc. (OII) reported revenue of $669 million for Q2 FY2024, the quarter ended 30 June 2024, up 11.9% on the same quarter a year earlier. Net income was $35 million, up 84.2% on the year, and diluted earnings per share $0.34. The figures are the company's own, from the 10-Q it filed with the SEC on 26 July 2024.

Revenue$669 millionup 11.9%
Net income$35 millionup 84.2%
Diluted EPS$0.34
QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Revenue669599n/an/a
Cost of revenue549507n/an/a
Gross profit12092.4n/an/a
Gross margin18.0%15.4%n/a
Selling, general and administrative59.855.7n/an/a
Operating income60.436.7n/an/a
Operating margin9.0%6.1%n/a
Interest expense9.59.2n/an/a
Pre-tax income55.332.2n/an/a
Income tax20.317.0n/an/a
Effective tax rate36.7%53.0%n/a
Net income35.015.1n/an/a
Net margin5.2%2.5%n/a
Diluted EPS$0.34$0.15n/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Operating cash flow52.6-69.7n/an/a
Capital expenditure22.925.5n/an/a
Free cash flow29.8-95.2n/an/a
Free cash flow margin4.5%-15.9%n/a
Cash from investing-20.0-23.2n/an/a
Cash from financing0.5-7.5n/an/a
Depreciation and amortisation26.027.1n/an/a
Share-based compensation3.03.2n/an/a
Diluted shares, weighted102m102mn/an/a
Shares outstanding at period end111m111mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Shareholders' equity651623n/an/a
Non-controlling interest6.16.1n/an/a
Debt479478n/an/a
Operating lease liabilities295326n/an/a
Other liabilities873796n/an/a
Total liabilities and equity2,3052,229n/an/a
Fixed assets416422n/an/a
Goodwill34.034.0n/an/a
Cash and equivalents383355n/an/a
Receivables405384n/an/a
Inventory231217n/an/a
Other assets835817n/an/a
Total assets2,3052,229n/an/a

Questions

What was Oceaneering International's revenue in Q2 FY2024?

Oceaneering International (OII) reported revenue of $669 million for Q2 FY2024, the quarter ended 30 June 2024, up 11.9% on the same quarter a year earlier.

How much did Oceaneering International earn in Q2 FY2024?

Net income for Q2 FY2024 was $35 million, up 84.2% on the year, and diluted earnings per share $0.34.

When did Oceaneering International report Q2 FY2024 results?

Oceaneering International filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 26 July 2024.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue635655599669680713675698743669692768
Cost of revenue520549507549549572540550590536565611
Gross profit11510692.4120131142135148153132127157
Gross margin18%16%15%18%19%20%20%21%21%20%18%20%
SG&A56.858.255.759.859.664.161.569.266.266.969.568.7
Operating income57.947.536.760.471.377.973.579.286.565.457.888.2
Operating margin9%7%6%9%10%11%11%11%12%10%8%11%
Interest expense9.87.99.29.59.59.79.19.59.49.09.18.5
Pre-tax income53.3n/a32.255.368.6n/a69.478.479.9n/a54.886.1
Tax rate44%n/a53%37%40%n/a27%31%11%n/a34%26%
Net income29.844.515.135.041.256.150.454.471.317836.165.0
Net margin5%7%3%5%6%8%7%8%10%27%5%8%
Diluted EPS$0.29$0.43$0.15$0.34$0.40$0.55$0.49$0.54$0.71$1.75$0.36$0.65
Operating cash flow79.6153-69.752.691.9128-80.777.2101221-59.155.2
Capital expenditure25.934.025.522.924.933.926.130.324.230.417.423.2
Free cash flow53.7119-95.229.867.094.5-10746.977.0191-76.532.0
Buybacksn/an/an/an/a10.0n/a10.010.110.110.10.010.1
Shares outstanding111m111m111m111m111m111m111m111m111m99m100m100m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 26 July 2024, accession 0000073756-24-000129: the filing on EDGAR. All of Oceaneering International Inc.'s filings: EDGAR company page.

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