Good morning, joining today. call the and thanks for
surpassed activity improvements financial of the continue offshore estimates, the energy consensus our first continuing. supporting continuing quarter and of of remainder and range majority year. businesses that our recovery supportive healthy believe be the guidance market belief to is We in conditions the levels pricing energy for Our our results
generate our to EBITDA million. original As $XXX of a expectation result, of for cash $XXX million, the $XX XXXX, the we guidance range range adjusted and to to full maintaining our flow year are million of million in $XXX free
and and points positive consolidated for markets. liquidity our performance balance my of first focus of the our to the the and that the XXXX, situation XXXX, year segment I'll drive and on our business data our outlook sheet full macro continue for Today, comments second quarter quarter
net we $X.X $X.X pretax per in of million. quarter, of $X.X primarily first income million or adjustments impact results share was income reported revenue million of $XXX due and included These or exchange foreign Adjusted discrete of to adjustments, $X.XX changes of share $X.X $X.XX and associated per net million allowances on compensation. valuation the gains with the million tax share. based For
fourth on consolidated markets, came revenue. improvement quarter revenue in markets. revenue IMDS products of with Solutions, Group Our as continuing levels being offshore these was with Management or support offshore expected our than XXXX OPG. believe or We current and the guided results XXXX recovery due XXXX, and Offshore combined in by manufactured segments, than our in offset results, flat a bid in quarter better our higher Consolidated first segment, ongoing activity Projects quarter essentially compared the to to increases the Digital first revenue in seasonal in Integrity part decline our
year. quarter XX%, years, consolidated the of and Robotics was than quarter over more by As represented first XXXX in first up or first significant XXXX, This revenue of compared the segments. led the particularly is generally, our lowest quarter quarter encouraging manufactured revenue Subsea is SSR since products increases last the to several revenue our
our quarter our and EBITDA adjusted first exceeded XXXX, of range $XX the million For consolidated estimates. guidance of consensus
revenue and Sequentially, look as income fourth let's operating a results was SSR lower by our of quarter quarters. ROV next the segment increase of XXXX. in marginal activity of or several XXXX. Now for preparation operated quarter absence accrual higher that prior and the vehicle, mobilization were business the releases first lower due at quarter for in over despite remotely maintenance compared operations expected, costs and survey as benefited to the increased to the
XX%, SSR respectively, between of survey XXXX. tooling the our a total businesses of XX% revenue same quarter. and The for as was to business and percentage the Consequently, XX% as split our our EBITDA margin in ROV the quarter and prior split declined first combined revenue
were slightly were the XX% on Our of available on working flat the prior quarter. days fleet than X% and quarter. was XX% in our down with the less fewer Utilization days hire in over hire essentially the on and utilization up days prior quarter,
over quarter of ROV as Our use was the first of the an our maintained the contracts in March, or count the XXXX when was rigs prior higher we Average quarter. we improvement ROV at XXX XX%. We floating activity, the floating in in quarter. ROV under incremental under X% quarter. end XXX per the XX%. ROV of prior and had of contracts fleet day was XXX revenue systems XX% XX% At support the same This on during contract XX quarter on had the or the first vessel-based split rigs previous than drill in ROV XX fleet hire contract $X,XXX on
Operating the to significantly, Turning and to the businesses. products, the quarter in favorable revenue. energy operating due with first compared as our a cost project margin manufactured XXXX, XXXX income X% to in income improved increase of absorption first XXXX, margin in of our quarter from better XXXX, XX% segment on improved a within XX% quarter fourth quarter fourth mix
As slower although sequential of businesses intake quarter order experienced energy in XXXX, first bidding activity our strong. remained expected, the
December XXXX of XX, million, Our backlog $XXX backlog was compared XXXX $XXX. our manufactured XX, Products on March to
December ratio the the of book-to-bill book-to-bill compared year for trailing ratio XXXX. X.XX XX ended for the months, to XX, Our was X.XX as
in first diving-related X% vessel in Operating the expected, XXXX OPG West to of XXXX, operating on and in pricing primarily declined seasonal quarter the due X% income the income higher fourth from lower decline Gulf Africa. costs revenue. quarter, margin a quarter as to first in and Mexico in XX% utilization declined seasonal
XXXX. X% operating of X% to year with first XXXX included The on in the of efficient XXXX revenue fourth scopes lower for in X% income the benefit the income a resulted quarter being fourth first an of quarter quarter than increase which from declined quarter revenue. expanded IMDS, management XXXX, to XXXX, in full associated several was the personnel Operating For from projects. increase added
or XX% fourth planned the first income and revenue. declined Unallocated of quarter XXXX income our the low business. ADTech, costs on of quarter on margin XXXX end flat declined for Technologies technologies from X% at projects were to several our Operating of Expenses achieved higher due operating of Subsea relatively guidance $XX.X in defense Our Defense million Aerospace sequentially the range.
$XX.X first Cash For negative cash the the million in and decreased quarter growth utilized Consistent $XX.X million past cash capital additional activities maintenance an expenditures, few flow by our million compared of first operating XXXX. and of quarter we in the years, the $XX.X $XXX million XXXX, and revolving quarter. balance loan facility to first during no first the with borrowings in cash no we until of and million resulting end the decrease $XX during cash declined of XXXX our quarter million. free equivalents, of maturities and the credit At quarter, of as November $XXX secured under XXXX. for cash the had
Now increase second on I'll for quarter adjusted results percentage the of range quarter a XXXX mid-teens EBITDA second On a significantly outlook revenue. in we to to XXXX. the with expect low address our improve of in our $XX million to million consolidated basis, $XX
quarter forecast higher tooling significantly on and segment Our higher second XX% range. operating XX% support of in operations and be is by are segment profitability. utilization survey in with vessel-based the SSR activities, our activity as across quarter projecting days for low to XXXX: EBITDA we achieving first businesses the ROV in compared are SSR, hire ROV XXXX drill margin the expected adjusted range. to to both increase low levels
profitability XXXX. the For lower and second quarter manufactured of operating products, we in anticipate higher revenue
higher to levels fall (ph) to changes margins income high not range quarter to the operating that contribute certain expect of to second single-digit [unbillable] to due We mix mid project materials activities. and are to manufacturing expected in
businesses activity. robust continue Our energy see products bidding to
higher we results. operating and revenue anticipate significantly OPG, For
to the seasonal are We of of quarter the Operating or repair expect and the uptick in a activity, to in primarily expected mid-teens range for XXXX. IMR margins maintenance second Mexico. income intervention, Gulf increase
we expect in range. flat IMDS, and with mid-single digit the margins For revenue operating remaining operating profitability relatively
we operating expect a and results. higher in improvement revenue For significant ADTech,
plant in XXXX. $XX range of the that the We to low range mid costs margin expenses margins high quarter for expect mid-teens are be the down the Unallocated pushed million in first income improve operating to to to absence to quarter. due second of to expected the the
of with tooling based on full revenue. double-digit in on ROV to in services SSR segment year. SSR, the to results improved compared as we forecasted hire well. forecast full the for expect: results are for percentage XXXX, on mid-teens percentage of our XX% Survey we as are generally activity for projected to by expected increase year by a ROV days days adjusted range XXXX margins expected levels to EBITDA higher average a low operations following operating Directionally, improve year-over-year are results on increase hire.
in relatively second third during of mix support XXXX service vessel-based vessel-based XXXX with our For percentages higher ROV XX% and mid-XX% third utilization us remain We ROVs, we allowing same in higher to seasonally expect drill labor. and in activity overall offset to our XX% estimate costs services the quarters. second with Pricing fleet higher for assets be and seasonal to quarters. increase again, the services range, and ROV to during continues the for increasing the
in the the of will for market to XX% the our remain near term. that continue forecast XX% support drill to We share range
the drilling five -- board XX, third approximately expiring of before contract floating with March on As XXXX, terms rigs ROVs five are there Oceaneering during quarter.
contracts. our we on ROVs floating period, to of During new the same XX expect begin XX rigs
we improvement year seeing year. in respect activity robust. manufactured interest. increase activity is for the digit Mobility the products, activity income XXXX. income with in levels counterbalance a averaging our our full MaxMover to are in throughout where with project increased our expect improving, our product, significant a operating customer the in We operating For remains Solutions we backlog and range forklift revenue over margin mid-single in energy Bidding XXXX, driving businesses businesses of Bidding healthy slight noticeable especially
the ratio X.X in the book-to-bill to segment expect be to full for We X.X year. of range
revenue vessel the range expect income, we income improved operating margins flat For teens increased utilization low the and by in significantly result OPG, to operating averaging for year. in driven relatively
vessel actively to to anticipated adjust demand. best activities, and market continue the serve monitor as We required we customer will vessel and our charters
project higher slightly IMDS, operating For results. income we
Our to range the new year-over-year to growth expanding is low XXXX. focus expected We compared margin for in customers as forecast on digit in single adding year. to mid-single geographies revenue double-digit income and new into in remain the operating result a high to
teens project to operating XXXX, higher For in the income low we to low compared as operating projected mid-teens remain results margin on revenue income increase ADTech, in to range. with a
We continue growth to ADTech businesses. all across opportunities good see our of
interest tax total a estimated We to payments million to $XX million investing to XXXX $XX in in Net million basis, between income cash This On million to of capital of $XX expense interest capital of to remainder quarter $XX projected to And expenditures. expenses and to benefit million. to organic $XX range the million of we expenditures our includes in approximately XXXX. $XX million expected $XXX remains for at and per million to our from consolidated higher is million rates. million million. range average be $XX be $XX for $XX the expenditure continue mid capital high our $XX as unallocated XXXX of the maintenance the are forecast cash growth range
our turning the sheet to in balance positioned expectation to end $XX maturity. million, flow of of the to address $XXX of cash to and million XXXX of well XXXX million we continue generating liquidity. the and cash range With debt $XXX our be Now free March at
invested level current interest to of senior our cash. offsets we continue cash notes, the that invest under interest XXXX obligations largely earned on the our Given the
Our the gives us years. facility additional three next flexibility over undrawn secured revolving senior credit financial
$XX markets prices see positive and signs basis, On -- of offshore next several evidenced XXXX Brent in by Administration in we crude XXXX. supportive Energy feel per more levels commodity higher will continued and as average barrel energy in activity price per signs to that than projection the a macro by $XX remain current years, Information our the oil the barrel over for
year-over-year Projected XX% [free] of activity, the XX% in be and priority. research offshore finally, over another [nutri] approximately as over for to evidence in nearly importantly, compared orders the Our independent internal geopolitical And increase double front (ph) a forecasts and FIDs energy installations up of continued XXXX that gradual to and security ROV (ph) in to XXXX. remains XXXX. increase growth estimates XXXX
longer-term on remain non-energy refreshed XXXX the $XXX guidance quarter well growth our maintain In million summary, in year We participation us outlook over free healthy flow energy first and while of confidence range give to for focus $XXX cash our generate to adjusted levels of to markets. the maintaining EBITDA performance increasing from traditional next our years, positioned several million. markets our
improving utilization, for We employees, and positive returns shareholders through substantial our asset remain our focused customers, and customers and margins. creating improving first focused of for flow on foremost, benefit our value-added remaining the increased solutions XXXX, cash safety, on and principles generating our free And in ESG our communities. our pricing
take appreciate continued in Oceaneering, everyone's to and you any interest happy questions We now may be have. we'll
