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.

Share this article

Follow Subsea World News

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Underwater Intervention 2018

UI 2018 will draw the industry’s leaders from across the country and around the globe to gather for 3 days of networking…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

European Gas Conference 2018

The European Gas Conference celebrated its tenth anniversary amid an air of increasing optimism following considerably shifting markets in the last few years…

read more >