Oceaneering International: 2Q Earnings Snapshot
HOUSTON (AP) _ Oceaneering International Inc. (OII) on Wednesday reported a loss of $35.2 million in its second quarter.
The Houston-based company said it had a loss of 36 cents per share. Losses, adjusted for non-recurring costs, came to 32 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.
The oilfield services company posted revenue of $495.8 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $525.8 million.
Oceaneering International shares have increased 60% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.32, a decline of 27% in the last 12 months.