OII - Why Shares in Subsea Robotics Company Oceaneering Slumped This Week
Shares in energy-focused engineering services and subsea robotics company Oceaneering International (NYSE: OII) fell nearly 10% in the week to Friday morning. The move came after investors took a dim view of the company's first-quarter earnings release.
It's not that there was anything wrong with the earnings report itself, but instead that it was not good enough to justify the optimism the market had built into the stock previously. Oceaneering generates roughly 75% of its earnings from the energy industry (subsea robotics, remotely controlled vehicles for offshore projects, robotic inspection of energy assets) with the rest coming from robotics and automation in aerospace and defense, entertainment systems (theme parks, airports), and industrial applications.
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Why Shares in Subsea Robotics Company Oceaneering Slumped This Week