Oceaneering International Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - Oceaneering International Inc. (OII) released earnings for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $50.38 million, or $0.49 per share. This compares with $15.14 million, or $0.15 per share, last year.

Excluding items, Oceaneering International Inc. reported adjusted earnings of $44.02 million or $0.43 per share for the period.

Analysts on average had expected the company to earn $0.31 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 12.6% to $674.52 million from $599.09 million last year.

Oceaneering International Inc. earnings at a glance (GAAP) :

-Earnings: $50.38 Mln. vs. $15.14 Mln. last year. -EPS: $0.49 vs. $0.15 last year. -Revenue: $674.52 Mln vs. $599.09 Mln last year.