Oceaneering Reports First Quarter 2020 Results

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Go back to Oceaneering Reports First Quarter 2020 Results

Oceaneering (OII) Tops Q1 EPS by 24c, Revenues Miss

May 13, 2020 5:07 PM EDT

Oceaneering (NYSE: OII) reported Q1 EPS of $0.04, $0.24 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $536.67 million versus the consensus estimate of $538.6 million.

Reported a net loss of $368 million, or $(3.71) per share, on revenue of $537 million for the three months ended March 31, 2020.Adjusted net income was $3.5 million, or $0.04 per share, reflecting the impact of $393 million of pre-tax adjustments, including $379 million associated with goodwill impairments, asset impairments and write-offs during the quarter.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "I am very pleased... More