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

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Oceaneering Reports First Quarter 2020 Results

May 13, 2020 5:01 PM EDT

HOUSTON, May 13, 2020 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) today 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.

During the prior quarter ended December 31, 2019, Oceaneering reported a net loss of $263 million, or $(2.66) per share, on revenue of $561 million. Adjusted net income was $2.5 million, or $0.03 per share, reflecting the impact of $255 million of... More