Thu, Jul 25, 8:51 PM (44 days ago)
Helix Energy Solutions Group, Inc. reported a robust financial performance for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue and Profitability**: Net revenues increased by 18% year-over-year to $364.8 million, driven by higher utilization and rates in the Well Intervention and Robotics segments. Gross profit surged by 36% to $75.5 million, with an overall gross margin improvement from 18% to 21%. 2. **Segment Performance**: - **Well Intervention**: Revenues rose 46% to $224.7 million, with a significant increase in gross profit to $33.6 million due to higher utilization and rates. - **Robotics**: Revenues climbed 16% to $81.2 million, with gross profit up 58% to $30.9 million, reflecting increased chartered vessel days and higher trenching and ROV activities. - **Shallow Water Abandonment**: Revenues decreased by 33% to $50.8 million, with a sharp decline in gross profit due to lower activity levels. - **Production Facilities**: Revenues increased by 10% to $25.4 million, with gross profit rising 14% to $9.9 million. 3. **Earnings and Cash Flow**: Net income increased to $32.3 million from $7.1 million in the prior year. Operating cash flow improved to $52.3 million from $26.1 million, despite significant outflows related to the retirement of 2026 Notes and earn-out payments. 4. **Liquidity**: Helix maintained strong liquidity with $275.1 million in cash and $95.1 million available under its credit facility. Net debt stood at $43.6 million. 5. **Future Outlook**: The company expects continued strong performance, driven by increasing demand for decommissioning services and growth in the offshore renewables market. Total backlog as of June 30, 2024, was approximately $873 million. Overall, Helix Energy Solutions demonstrated solid financial health and operational efficiency, positioning itself well for future growth.