** charts before earnings **
** charts after earnings **
** the following day **
Oceaneering Intl misses by $0.13, misses on revs; guides FY23 revs above consensus
- Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.13 worse than the S&P Capital IQ Consensus of $0.19; revenues rose 14.9% year/year to $536.22 mln vs the $549.29 mln S&P Capital IQ Consensus.
- Given the higher cost of performing offshore work over the past several years, customers are increasingly planning their work to avoid periods of higher weather risk. As a result, co expects a Q1 seasonal impact, particularly in its OPG business. Considering this and anticipated project timing leading to higher levels of utilization in Q2 and Q3, co guides to Q1 adjusted EBITDA of $40-50 mln.
- Co issues upside guidance for FY23, sees FY23 revs growing by more than 10%, which we compute as above $2.27 bln vs. $2.26 bln S&P Capital IQ Consensus. Co guides to FY23 adjusted EBITDA of $260-310 mln.
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