Oceaneering International Inc. Reveals 64% Drop In Q1 Profit

(RTTNews) - Oceaneering International Inc. (OII) reported earnings for first quarter that dropped compared to the same period last year.

The company said its earnings declined to $25.10 million, or $0.26 per share. This was lower than $69.50 million, or $0.70 per share, in last year's first quarter.

Analysts had expected the company to earn $0.35 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 22.7% to $608.34 million. This was down from $786.77 million last year.

Oceaneering International Inc. earnings at a glance:

-Earnings (Q1): $25.10 Mln. vs. $69.50 Mln. last year. -Earnings Decline (Y-o-Y): -63.9% -EPS (Q1): $0.26 vs. $0.70 last year. -EPS Decline (Y-o-Y): -62.9% -Analysts Estimate: $0.35 -Revenue (Q1): $608.34 Mln vs. $786.77 Mln last year. -Revenue Change (Y-o-Y): -22.7%