SMHI: the Good, the Bad, the Ugly

Evaluating Q3 2024 earnings in context

Although Seacor Marine (SMHI) does not do earnings calls and seems to eschew communicating with investors, it has quietly been improving its presentations. And those presentations paint a compelling picture of incremental improvement.

The last updated slide deck was published when they presented at the Pareto Conference. So I was a little disappointed when their last earnings release did not include a presentation.

Then I realized why: the Q3 numbers would have ruined all the slides!