Oceaneering Reports Second Quarter 2020 Results

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Go back to Oceaneering Reports Second Quarter 2020 Results

Oceaneering (OII) Misses Q2 EPS by 4c, Revenues Miss

July 29, 2020 5:05 PM EDT

Oceaneering (NYSE: OII) reported Q2 EPS of ($0.25), $0.04 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $427.22 million versus the consensus estimate of $453.65 million.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Considering all of the uncertainties surrounding the crude oil markets and the COVID-19 pandemic, we were satisfied with our second quarter 2020 results. For the second quarter, we generated adjusted EBITDA of $40.5 million, exceeding consensus estimates, and we generated $26.9 million of free cash flow. These positive results were partially attributable to our actions to substantially... More