Oceaneering International Earnings: Here’s Why Shares are Up Now

Oceaneering International, Inc. (NYSE:OII) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.83%.

Oceaneering International, Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 35.82% to $0.91 in the quarter versus EPS of $0.67 in the year-earlier quarter.

Revenue: Rose 21.98% to $820.37 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Oceaneering International, Inc. reported adjusted EPS income of $0.91 per share. By that measure, the company beat the mean analyst estimate of $0.84. It beat the average revenue estimate of $786.66 million.

Quoting Management: M. Kevin McEvoy, President and Chief Executive Officer, stated, “Our quarterly EPS was above our guidance range, and was up 32% over the first quarter of this year and up 36% compared to the second quarter of 2012. Our above-guidance performance was attributable to sales of subsea hardware, demand for asset integrity services offshore Norway, and early completion of a theme park project. We achieved record quarterly operating income from Remotely Operated Vehicles (ROV), Subsea Products, Asset Integrity, and Advanced Technologies.”

Key Stats (on next page)…

Revenue increased 14.17% from $718.55 million in the previous quarter. EPS increased 31.88% from $0.69 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.91 and has not changed. For the current year, the average estimate has moved up from a profit of $3.26 to a profit of $3.29 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)