Oceaneering reports Q2 adjusted EPS 18c, consensus 29c

Reports Q2 revenue $598M, consensus $601.64M. Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “Our energy-focused activity levels continue to increase, and we remain confident that the resurgence in offshore activity remains firmly in place. Based on our year-to-date results and our current expectations for the second half of 2023, we are narrowing our adjusted EBITDA guidance by raising the lower bound of the previous range and adjusting the range higher for our projected free cash flow. We now expect to generate between $275 million and $310 million of adjusted EBITDA and $90 million to $130 million of free cash flow for the full year.”