Oct 22, 2026 earnings call — Highest quarterly EBITDA and new guidance
Company initiated consolidated 2027 EBITDA guidance of $430 million to $480 million.
Revenue $0.8B (est $0.8B) · EPS $0.50 (est $0.59)
Key quotes
"SSR delivered revenue of $233 million and operating income of $75.4 million, both higher year-over-year."
"As we announced yesterday, we are initiating consolidated EBITDA guidance in the range of $430 million to $480 million, with free cash flow expected to exceed our anticipated 2026 level."
"We generated $163 million of cash from operating activities."
Analyst Q&A 5
Why 2027 EBITDA range is wide
Q (Edward Kim · Barclays): He asked which 2 or 3 operational assumptions drive the $430 million to $480 million EBITDA range and which segments explain most of the $50 million spread.
A: Management said the spread is largely timing-driven. They pointed to SSR timing, ADTech program timing and appropriations, and OPG adding more international work as the main drivers. They do not expect big changes in Manufactured Products or IMDS because of long lead times and scale.
"OPG has got room to pick up more international opportunities." — Roderick Larson (CEO)
When budgets and rigs clarify guidance
Q (Michael Sumruld): He asked when customer CapEx budgets and rig movements will solidify and thus make the guidance clearer.
A: Management said it is early and things can change as the year closes. As customers finalize CapEx budgets and rig movements become clear, the guidance range could tighten or shift.
Capital plans and government spending timing
Q (Keith Beckmann · Pickering Energy Partners): He asked how the company plans to deploy capital in 2027, examples of attractive M&A in ADTech versus things they would avoid, and whether continuing resolutions just delay awards or remove them.
A: They expect to keep investing in core energy businesses and pursue bolt-on technology or ADTech acquisitions that add machining or workforce capacity, certifications for government specs, or niche tech pieces — but will avoid overpaying for flashy names. On the government side, the sensitivity is mostly timing: continuing resolutions tend to delay new project starts rather than cancel existing work, and management is cautiously optimistic about defense spending progress.
"We expect to continue to make investments in our core energy businesses." — Roderick Larson (CEO)
Growth regions and inflation impact
Q (Colby Sasso · Daniel Energy Partners): He asked which geographies will grow most in 2027 and whether inflation in the supply chain is hurting margins or could become a tailwind next year.
A: Management said Brazil, Guyana, and the rest of Africa (including Mozambique) are key growth areas, with Gulf of Mexico to watch. On inflation, they said it is not a huge factor overall: Manufactured Products see the biggest pressures but are often price- or cost-adjusted in bids, and labor escalation clauses and operational efficiencies have mitigated most impacts.
"I think it's -- a lot of it is Brazil." — Roderick Larson (CEO)
Mediterranean/Norway opportunities; capital allocation
Q (James West · Melius): He asked what they see in the Eastern Mediterranean, North Africa, Norway and other gas-heavy areas, and how they balance capital allocation between oil & gas and military businesses.
A: They see opportunity in the Eastern Mediterranean and offshore Egypt but note geopolitical and sporadic timing risks; Norway is steady with upside from subsea tiebacks if commodity prices stay strong. On allocation, they favor investing in energy-side technology that improves remote operations, inspection, and efficiency (digital twins, risk-based inspection) when it makes economic sense and protects their core.
"I think the Eastern Med definitely is still a lot of opportunity, kind of tempered a little bit by activity or by that geopolitical situation over there." — Roderick Larson (CEO)