Oceaneering Reports Third Quarter 2019 Results

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Go back to Oceaneering Reports Third Quarter 2019 Results

Oceaneering (OII) Misses Q3 EPS by 8c, Revenues Miss

October 30, 2019 5:27 PM EDT

Oceaneering (NYSE: OII) reported Q3 EPS of ($0.30), $0.08 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $498 million versus the consensus estimate of $526.48 million.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Our consolidated third quarter 2019 operating results met our expectations and our adjusted EBITDA exceeded the consensus estimate. Overall, we were encouraged by the better-than-expected contribution from our energy segments.

"Our operating results for the third quarter 2019 improved by $4.4 million over the prior quarter, largely due to increased contributions from Subsea Products and Remotely Operated... More