AMSC (AMSC) Q2 2024 earnings summary

Executive summary

• Achieved net profit of NOK 236.9 million in Q2 2024, up from NOK 42.2 million in Q2 2023, driven by share of profit from Solstad Maritime.

• Completed sale of OSL1 in January 2024, recognized gain of NOK 370.4 million, and now holds 19.4% stake in Solstad Maritime.

• Declared Q2 2024 dividend of NOK 0.55 per share, continuing focus on attractive shareholder distributions.

• Acquired NOK 122 million in Solstad Maritime private placement and purchased NOK 136 million in investment grade bank bonds.

Financial highlights

• Q2 2024 operating loss from continuing operations was NOK 12.1 million, compared to NOK 10.2 million loss in Q2 2023.

• Share of profit from Solstad Maritime in Q2 2024 was NOK 248.9 million.

• Net financial income increased to NOK 7.1 million in Q2 2024 from NOK 0.5 million in Q2 2023, due to higher interest income.

• Net profit for the first half of 2024 was NOK 664.4 million, up from NOK 75.8 million in the same period of 2023.

• Basic and diluted EPS from total operations was NOK 3.30 in Q2 2024 and NOK 9.25 for the first half of 2024.

Outlook and guidance

• Expects continued strong offshore energy market, with positive fundamentals in oil services and renewables.

• Plans to pursue accretive transactions and maintain focus on attractive dividends.

• Market outlook for Solstad Maritime's fleet remains positive due to high utilization and limited new vessel supply.