Oceaneering Racks Up Record Second-Quarter 2013 Earnings

Oceaneering International, Inc. reported record earnings for the second quarter of 2013, the company reported July 24.

For the three-month period ending June 30, Oceaneering reported diluted earnings per share (EPS) of 91 cents per share, compared with a figure of 69 cents per share for the first three months of the year. Oceaneering reported diluted EPS of 67 cents per share for the second quarter of 2012.

“Our quarterly EPS was above our guidance range, and was up 32 percent% over the first quarter of this year and up 36 percent compared to the second quarter of 2012. Our above-guidance performance was attributable to sales of subsea hardware, demand for asset integrity services offshore Norway, and early completion of a theme park project. We achieved quarterly operating income from Remotely Operated Vehicles (ROV), subsea products, asset integrity, and advanced technologies,” said M. Kevin McEvoy, Oceaneering’s president and chief executive officer, in a press release.

Oceaneering remains confident about the coming months. 

“For the third quarter of 2013, we are projecting EPS of 90 cents to 95 cents. We expect sequential improvements in operating income from our ROV and subsea projects businesses. Due to project timing, we are anticipating that subsea products and advanced technologies will have lower results,” McEvoy said.

Analysts at Barclays seemed equally positive about Oceaneering’s earnings. Oceaneering “…is well positioned to benefit from the secular upturn in subsea and deepwater exploration and production activity that is likely to continue well into this decade,” Barclays said in its July 24 analyst report. Barclays also noted that Oceaneering’s second-quarter EPS of 91 cents per share was 10 cents per share higher Barclays’ own estimate.


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