Oceaneering (OII) Tops Q2 EPS by 2c, Revenues Beat

Oceaneering (NYSE: OII) reported Q2 EPS of ($0.23), $0.02 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $478.67 million versus the consensus estimate of $446.46 million.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "The sequential improvement in our adjusted consolidated second quarter 2018 operating results met our expectations, and resulted from profit contributions from each of our operating segments, except Subsea Projects. We are pleased that each of our operating segments generated positive adjusted EBITDA, and our consolidated adjusted EBITDA of $39.0 million was better than consensus published estimates.

"On a consolidated basis, for the first half of 2018, we have generated $64.2 million of adjusted EBITDA and at June 30, 2018, we had $340 million in cash, a $500 million unsecured undrawn revolving credit facility, and our nearest loan maturity is not until 2024.

"Operationally, for the second quarter 2018, ROV adjusted operating income improved as expected, resulting from higher seasonal activity for vessel-based services and an increase in the number of working floating rigs for which we provide drill support. Our fleet mix during the quarter was 62% in drill support and 38% for vessel-based activity, compared to 70% and 30%, for the prior quarter. Revenue grew 26% on a 24% increase in ROV days on hire, as our average ROV revenue per day on hire was essentially flat compared to the prior quarter. ROV adjusted EBITDA margin of 31% improved slightly from 29% for the first quarter 2018.

For earnings history and earnings-related data on Oceaneering (OII) click here.

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