OII - Oceaneering sinks following wide Q2 earnings miss

2023-07-27 08:58:19 ET

Oceaneering International ( NYSE: OII ) -11.2% pre-market Thursday after reporting Q2 adjusted earnings that missed estimates by a wide margin.

Q2 net income increased to $19M, or $0.19/share, from $3.7M, or $0.04/share, in the year-earlier quarter, while revenues rose 14% Y/Y to $598M; the company said Q2 operating income of $49.2M was its highest quarterly operating income since 2015.

Oceaneering ( OII ) said Q2 adjusted EBITDA of $74.8M was below the low end of the company's prior $75M-$85M guidance range, primarily due to higher project costs in its entertainment business and project delays in the offshore projects group segment.

For FY 2023, the company raised the lower end of its adjusted EBITDA guidance range to $275M-$310M, and forecasts $90M-$130M free cash flow for the full year.

For Q3, Oceaneering ( OII ) said it sees adjusted EBITDA in the $75M-$85M range on a high-single digit percentage increase in revenues, with higher revenues and operating results in the SSR and OPG segments on continuing robust offshore activity.

More on Oceaneering International:

• Financial and valuation comparison to sector peers
• Analysis: Why Now Is The Time To Invest In Oceaneering International, The Leading ROV Provider
• Stock price return: Up 40% YTD, up 125.5% in the past 12 months

For further details see: