Helix Energy Solutions Reports Q3 2024 Financial Results

authorIntellectia.AI2024-10-24
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HLX.N
Illustration by Intellectia.AI

Helix Energy Solutions Group, Inc. has released its financial results for the third quarter and the first nine months of 2024. The company reported a decrease in net revenues for the third quarter to $342.4 million from $395.7 million in the same period last year. For the nine months ended September 30, 2024, net revenues increased to $1,003.4 million compared to $954.6 million in 2023.

Gross profit for the third quarter was $65.7 million, down from $80.5 million in the previous year. However, the gross profit for the nine-month period rose to $160.7 million from $151.1 million in 2023. Income from operations for the third quarter increased to $44.6 million from $36.2 million in 2023, and for the nine months, it rose to $96.6 million from $48.1 million.

Net income for the third quarter of 2024 was $29.5 million, an increase from $15.6 million in 2023. For the nine-month period, net income was $35.5 million, up from $17.5 million in the previous year. Basic earnings per share for the third quarter were $0.19, compared to $0.10 in 2023, while diluted earnings per share were $0.19, up from $0.11.

Helix's balance sheet as of September 30, 2024, shows total assets of $2.66 billion, an increase from $2.56 billion at the end of 2023. Total liabilities and shareholders' equity also increased to $2.66 billion from $2.56 billion.

The company reported an adjusted EBITDA of $87.6 million for the third quarter, slightly down from $96.4 million in 2023. For the nine months, adjusted EBITDA increased to $231.5 million from $202.8 million.

Helix's free cash flow for the third quarter was $52.6 million, up from $23.4 million in 2023. For the nine months, free cash flow increased to $97.7 million from $41.9 million. Net debt as of September 30, 2024, was reported at negative $9.4 million, compared to $58.9 million in 2023.

These results reflect Helix's ongoing efforts to manage its financial performance amidst various challenges in the energy sector, including geopolitical and economic complexities.

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