Helix Energy Solutions Reports Q3 2024 Financial Results

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.