Scana (SCANA) Q2 2024 earnings summary

Executive summary

• Achieved highest quarterly and half-year revenue in company history, with strong growth in both Offshore and Energy segments.

• EBITDA increased to NOK 177 million (margin 16.3%) in 1H 2024, up from NOK 101 million (margin 12.5%) year-over-year.

• Net profit rose to NOK 83.8 million, with EPS at NOK 0.19, compared to NOK 44.7 million and EPS of NOK 0.10 in 1H 2023.

• Completed acquisition of Mongstad Industrier AS and established a subsidiary in Namibia.

• PSW Power & Automation and Seasystems secured substantial new contracts.

Financial highlights

• Revenue increased 34% year-over-year to NOK 1,086 million in 1H 2024.

• EBITDA rose 39% to NOK 80 million in Q2, with an EBITDA margin of 14.7%.

• Adjusted EBITDA reached NOK 87.4 million, margin at 16.0%.

• Net profit before tax was NOK 48.6 million in Q2, up from NOK 33.6 million in Q2 2023.

• Order backlog at quarter-end was NOK 1,074 million.

Outlook and guidance

• Solid market demand expected to continue in both oil & gas and energy transition markets.

• High tender activity in energy storage and electrification, with a record project pipeline identified.

• Order intake and revenue recognition expected to vary significantly between quarters due to project-based business.

• Release of working capital anticipated in the second half of 2024.