Oceaneering Q2 Net Income Decreases; Lowers 2015 EPS Guidance - Quick Facts

(RTTNews) - Oceaneering International, Inc. (OII) reported second quarter net income of $65.5 million, or $0.66 per share compared to $110.3 million or $1.02 per share, last year. Adjusted net income was $75.2 million, or $0.76 per share, for the quarter.

Oceaneering said, year over year, quarterly operating income declined on reduced profit contributions from Remotely Operated Vehicles (ROV), Subsea Products, and Asset Integrity. Quarterly earnings were down due to the operating income decline, the foreign currency exchange losses, and higher interest expense as a result of indebtedness incurred during the second half of 2014.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items. Revenue decreased to $810.3 million, from $927.41 million last year. Analysts expected revenue of $789.39 million for the quarter.

Oceaneering now expects to report EPS of $1.34 to $1.54 during the second half of 2015. The company lowered its 2015 EPS guidance to a range of $2.70 to $2.90 from $2.80 to $3.20, down about 7% at the midpoints. Analysts expect the company to report 2015 earnings per share of $2.87.

For the third quarter of 2015, the company projects EPS of $0.65 to $0.75. Analysts expect the company to report earnings per share of $0.77.