call Mark. for joining Thanks, the and thanks morning, Good today. everyone,
at be year, custom outlook. the this of with our on XXXX thoughts you is initial providing As Oceaneering's time to happy we're our
more XXXX. for of of also These expectation is fundamentals energy commodity to generate yesterday, underpin $XXX XXXX emerging confident initiating based fundamentals XX% our our services flow $XXX robotics our third the products midpoint expectations modest XXXX million of businesses; in and traditional Aerospace for increasing businesses range of million. Technologies as backlog and our prices quarter million. than despite the $XXX million, headwinds; cash markets; XXXX. $XXX demand to opportunities order renewable to mobile current in our in in growth offshore million this intake adjusted EBITDA are on and for for solid free by improvement global our demand segment; revised and guidance economic announced increasing $XXX.X in in slightly our ability supportive this Defense evidenced which our We're deliver in over would represent midpoint, supply we and increase EBITDA a guidance As the At
of our the on Now segment XXXX full current I'll comments and focus outlook, market my outlook initial including cash I quarter EBITDA consolidated business before fourth our some for After opening Oceaneering's for closing free these flow quarter the will year of the XXXX, expectations. and our range mentioned third XXXX performance guidance and and outlook, then comments, previously your to the the make consolidated remarks questions. call
our to summary results. Now quarter third
and which further Our of results activity pricing, third Gulf improved up quarter driven in ticked were quarter. the Mexico, by the offshore particularly during
which Mexico of saw of in significant in energy million broad-based including produced exceeded and cash Group, a also Offshore quarter. free $XX.X energy led which and Asia, guidance improvements Australia. our increases our were by stood estimates our Although out, segments the $XX.X businesses, million consolidated We operating activity the Projects for of OPG, third of and adjusted EBITDA, drove and activity Robotics, Offshore consensus number Gulf international Subsea our or flow markets, SSR, Africa segments.
In operating to Manufactured our segment. improved increased in addition, Products led throughput margins manufacturing
of businesses second government-focused of the our after the saw negative in also We experiencing timing XXXX. improvement during quarter an effect
I'd million positive For we and guidance the and for off like within be flow script free million $XXX $XX talk range. to a EBITDA continue XXXX, full $XX go narrowed revised range the to the million. $XXX year expect moment to in our to our of adjusted of range of about to million EBITDA expect cash And
improvements along will XXXX end does our of pricing business. emphasize the guidance think us it's Achieving in the product I midpoint that to our sale, with of range. top this the the range anticipated include achieving results entertainment utilization, to sale in not drive important further our product
timing the QX the consider cautious around sale. the of So does the revised range but product beat, being we're
the offshore come. security I positive and with is to reliable of development cleanest, clearly market businesses safest expect for on energy energy So most And increasing emphasis our and recovery the sources, fundamentals both underway. years support energy-focused to
increasing our and experiencing control. labor, mobile on-site scarcity with Robotics enables available interest remote businesses requirements automation are for, Subsea competition addition, and of as personnel and of, heightened In lowers supervisory levels
our So compared and margins now in and third expected increasingly at XX% by XXXX income are to survey second reflected XXXX. of over operations quarter operating EBITDA let's the as SSR, improved Subsea being higher second new utilization tooling services. activity or our segment as of contract levels with when quarter increased efficiencies the look of for business quarter for the results. Robotics, and both ROV, revenue SSR pricing
intake increased disclosed increase and combined tooling and XX,XXX offshore we with an levels survey on modestly third With order the days of of release, XX,XXX drill the to from were flat revenue $XXX ROV XXXX. split The services, XX% received ROE XX% press compared from immediate quarter hire As on the in million business as the our a second support our during our quarter, in of as Sequential good was SSR increase. and in strong activity. vessel-based same SSR recent quarter. hire prior during days essentially days businesses, X%
versus improvement of second XXX an drill count the was of drill quarter quarter. higher market on respectively, XX fleet the third systems, in XX% ROV with rigs of maintained contracts the on ROV floating We At during a slight XX share achieved support for ROV floating of at rigs under hire per ended XX% X% use when contract. the in XX%, XXX ROV was under XXX the day over contracts we contract, September, from and ROV support quarter. fleet a on hire increase quarter. XXXX, day $X,XXX the revenue and Average end June second XX% recorded XX, had our on of and in had we the $X,XXX the quarter average in services revenue XX% Our than XX% was second utilization fleet our XX% per vessel-based XX%,
Products. solutions of X%, and our are quarter levels intake nonenergy quarter the to Manufactured of third have million subsea to an Products respectively, XXXX related about fundamentals due mobility headed from Operating improved increasingly in despite results manufacturing optimistic measurably during decrease Order and operating quarter million to revenue. $XXX XX% on on our improved million in solid of businesses. XXXX. Manufactured in hardware we June with $XXX XXXX, $X.X the XXXX, Sequentially, September Turning the primarily XXXX. increased Activity businesses, our from backlog margin second XX, income increasing these and improved throughput businesses into XX, percentage was
X% Management mix. improved Defense X.XX third of continuing September ADTech, X.XX second income IMDS, levels operating income was XX% second services second third revenue. on the in Gulf essentially ended from trailing margin significantly & quarter for to Integrity of the in the installation quarter due less mix. million for the improved increase than increased of in were Group, less in demand quarter income XXXX XXXX, Gulf of XX, from XXXX, mid-teens declined recovery delayed quarter declined intervention on preceding Unallocated from the Offshore in expenses $XX.X for running security energy as or a compared of Projects work, than costs favorable income kept customers, and the to pricing of of of Mexico, margin Solutions, Revenue Our XX% wage and inflation. or prior Digital recorded revenue. or second declined third income and X% high X% quarter the priorities. impacts achieved in quarter slight quarter of declined and third Operating quarter significantly operating margins quarter quarter results. the from primarily slightly the changes XXXX, quarter XX vessel-based second drove Technologies, book-to-bill on operating but Operating the expected and XXXX. of Operating reflecting to the quarter due continued XXXX X pre-contract remained lower from margin inspection increased during months ratio of XXXX. at XX%, see slightly service Mexico to The flat and Strong and as in XX% the XXXX in the to the Aerospace seasonal Europe, revenue. project employee the programs was of second particularly slightly months. primarily facilities of XXXX support the activity income OPG,
energy to address our our On anticipate that the of I'll third expenses. of for we XXXX. fourth segments, markets. quarter quarter a the ADTech in quarter expect expect seasonal fourth compared decline segment quarter offshore slightly good the XXXX, quarter, In third on operating Now for we results. our increased will our we outlook basis, slowdown, as flat fourth activity unallocated compared fourth in in lower activity profitability while relatively as a revenue our and Broadly, believe quarter EBITDA a our relatively of we lower the XXXX, XXXX still consolidated to
our ROV by being profitability. support with slightly For than slightly offset decline in for the days. days hire by XXXX as of the projecting to operating we quarter, third compared quarter XXXX, on segment, drill forecast third vessel-based and seasonal SSR, fourth quarter a lower are as more slightly to higher days revenue operations with are compared decline
the survey during expect good We activity quarter. continue to fourth
XXXX. XX% anticipated overall be range mid-XX% margin the the range. in SSR forecast quarter in to of adjusted to the ROV is Our fleet utilization low EBITDA fourth for assumes remain
XX, year-end. terms As approximately by of XX rigs there the expiring of contract XXXX, were onboard September floating ROVs Oceaneering XX with XX
ROVs XX starting expect During period, the to we same contracts. the XX new floating of have rigs on XX
will profitability include confident Products, mid-single-digit margin solutions ultimately guidance seeing operating our promising Manufactured we this does Award our remain operating the we This For mobility and our interest energy anticipated sale continues product that although in the look as in a third products anticipate business, in revenue businesses, to definite to we with not increase in and transaction within in range. are activity entertainment businesses. close. compared increase an quarter the income
year forecast continue and full We to XXXX. between of for book-to-bill X.X X.X the ratio a of
what activity. in of significantly quarter are still quarter. during last lower to activity to operating expect income XXXX. lower quarter margin same much to expected fourth the operating third XXXX we due levels be and than said, achieved second of Fourth the lower slightly be in years stronger several expected OPG, the over fourth revenue XXXX For the expected typical quarter with to quarter than quarter be the revenue profitability to we seasonal That is similar
slightly IMDS, quarter compared as operating results of XXXX. third with lower For the and we expect revenue
modestly compared third we as higher and ADTech, income forecast lower quarter. For operating revenue to the
We during a quarter and the occurred that of result as of higher third recovery expect the income in fourth the cost to quarter absence operating pre-contract expenses. margin decline indirect
mid-$XX the to operating fourth Unallocated in range. the margins quarter, expect million single expenses high be income range. to we are For expected double-digit low in to the be
XXXX, narrowed the of within range For $XXX adjusted million of to the EBITDA to full year generate we million. expect $XXX
payments Our our in $XX $XX organic $XX to and capital cash million. range in million the tax remains expenditures range for guidance the of to income guidance remains $XX for of million million
free for the million We our continue flow to $XX million full year turning cash And to expect between position. now free $XX positive to cash generate and XXXX. and debt flow of
from the third positioned $XXX Our of well cash the our in end to the was undrawn and strong million as cash and notes. stood the at the equivalents position debt to of in for increase revolving maturity net operations our position million primary from of quarter our cash our XX, September With liquidity the address credit At third we $XX.X facility, of flow XXXX. and driver additional cash our XXXX XXXX $XXX quarter, senior remain was million.
well support next a priorities our support XXXX, and $XXX segments, leveraging the by from In into to customers traditional performance of markets. in X-year into and continued led energy security company our see EBITDA where driving sources. prices importance each healthy to new operating offshore grow higher renewables increasing we At businesses. forward the in energy on flow energy excess capital million National strong mobile traditional we OPG. are gains free all in from enabling term. the the million. continue in forecast At our in in currently aggregate, levels returns to market our while fundamentals our by XXXX. transition we customers Supportive to anticipating and businesses from we new of we cash XXXX, our offshore of to generate robotics markets. current expect looking $XXX remain the above the XXXX for government-focused flow supporting all underpin $XXX we to the year-over-year, our our operations. focus expectations growth solution expectation in medium supporting be we we expertise on robotics be XXXX expenditures to clear, as looking require energy energy expect than to In the strong of for across both million solid Accordingly, are are increased sources, safer high-growth energy an cash our businesses and of generating and core we to discipline capital evolving highest growth more improved range our SSR opportunities positive With the businesses. and production years, of outlook in very time, activity of security operating focused But in of cleaner, across this reliable Now modest the same commodity also and expected positioned over X also see continue time, we
We reporting process. the expectations specific more our guidance XXXX year-end provide will on during for
So of are the year-to-date EBITDA to year. our financial in adjusted the for million for range to fourth we performance a guidance $XXX expectations full XXXX, million $XXX our based and on summary, narrowing quarter of
priorities, the These issues operator non-energy, across suppress energy segments the continue will factors, environment. the past all even security in the XXXX over despite over emerging We levels growth believe economy the our expectation the to We energy future. in new with national may a energy of robotics both near-term spending businesses. incremental of traditional see markets, to our current opportunities sources for challenging challenges expect in apply and with underpin in demand. growth sources foreseeable global on years, government-focused that prompt we a heightened to all combined in expertise into lack modest that energy facing in investment continue to many increased foster our And security activity focus general energy combined further
positive take to our pricing safety managing increasing may capital our for services discipline, these margins positions interest debt while flow, and Oceaneering, maturity, be return maintaining our we'll retaining products. world-class XXXX priorities and questions now and We generating of generate each talent for a Optimizing appreciate free on providing opportunities energy during focus increasing Our safety a top everyone's happy transition for any provide and in the performance, strong, significant continues success financial our and culture maintaining our continued shareholders. to you have. and attracting and fair us returns to cash to be
