OII - Why Shares of Oceaneering International Popped 24% Thursday Morning
Shares of Oceaneering International (NYSE: OII) jumped by as much as 24% on Thursday after the oil and gas industry supplier reported its third-quarter financial results. Shares were up 20.4% as of 1:10 p.m. ET.
Revenue was up 19.9% to $559.7 million while net income improved from a $7.4 million loss a year ago to a profit of $18.3 million, or $0.18 per share. On an adjusted basis (factoring out one-time items), earnings were $0.23 per share, $0.10 a share ahead of analysts' consensus estimate.
In 2023, management expects consolidated EBITDA in the range of $260 million to $310 million, and free cash flow generation of over $100 million. For perspective, they expect adjusted EBITDA of $215 million to $240 million this year, and free cash flow of $25 million to $75 million.
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Why Shares of Oceaneering International Popped 24% Thursday Morning