Oceaneering Posts $52.6M Third-Quarter Net Income
OII sits 98% above its 52-week low of $22.13.
Summary
Oceaneering reported third-quarter net income of $52.6M and earnings per share of 52c, on revenue of $784.6M. The print lands after a Q2 in which revenue and EBITDA beat consensus and management raised full-year EBITDA guidance to $430M-$460M, making this the first hard earnings number since that guidance hike and the key test of whether the raised outlook holds. The results follow the October 1 news that the ADTech unit won a follow-on Navy Dry Deck Shelter contract worth up to $154M, which supports the subsea backlog story. Watch for segment-level detail and any update to the $430M-$460M EBITDA range.
At the time of this announcement, OII was trading at $43.88 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $22.13 to $54.25. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.