Oceaneering Swings to Loss

Oceaneering has reported a net loss of $7.5 million, or 8 cents per share, on revenue of $446 million for the first quarter of 2017.

Excluding the impacts of $2.1 million discrete tax expense and $2.2 million of pretax foreign currency exchange losses, adjusted net loss was $4.0 million, or 4 cents per share.

During the corresponding period in 2016, Oceaneering reported net income of $25 million, or 26 cents per share, on revenue of $608 million.

Operating results for the first quarter of 2017 were $10.9 million lower than the preceding quarter on an adjusted basis, due to higher unallocated expenses and lower activity levels in subsea projects.

M. Kevin McEvoy, chief executive officer of Oceaneering, said: “Based on our first quarter results, we continue to expect to be marginally profitable at the operating income line on a consolidated basis. For the second quarter, we are anticipating quarterly operating income improvements from all of our business segments, except for Subsea Products which we are expecting to be relatively flat.”

The company has declared a regular quarterly dividend of $0.15 per common share. The dividend is payable June 16, 2017 to shareholders of record at the close of business on May 26, 2017.

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