OCEANEERING INTERNATIONAL Reports Revenue Beat Despite Miss on Non-GAAP EPS
April 27, 2023
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OCEANEERING INTERNATIONAL ($NYSE:OII) is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. The company recently reported their quarter earnings, and the results showed mixed numbers. While the revenue of $537M beat expectations by $21.38M, the Non-GAAP EPS of $0.05 fell short by $0.02. Despite the miss on the non-GAAP EPS, the overall revenue was a positive surprise. The company attributed the revenue beat to higher sales in its subsea products, rental tools, and advanced technologies operations.
This represented a 3% increase from the prior-year quarter, driven by higher demand and pricing in the offshore markets. As a result, Oceaneering expects to generate strong revenue growth going forward. This mixed performance can be partially attributed to higher demand and pricing in the offshore markets, which drove up revenues.
Market Price
On Wednesday, the stock opened at $16.8 and closed at $16.8, down by 1.5% from its previous closing price of $17.1. This marks a slight decline in the company’s stock despite a strong quarter. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Oceaneering International. More…
| Total Revenues | Net Income | Net Margin |
| 2.07k | 25.94 | 1.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Oceaneering International. More…
| Operations | Investing | Financing |
| 120.88 | -76.86 | -1.86 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Oceaneering International. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.03k | 1.51k | 5.18 |
Key Ratios Snapshot
Some of the financial key ratios for Oceaneering International are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.3% | -74.3% | 5.7% |
| FCF Margin | ROE | ROA |
| 1.9% | 14.8% | 3.6% |
Analysis
At GoodWhale, we have carefully analyzed the fundamentals of OCEANEERING INTERNATIONAL and have determined that it is a medium risk investment in terms of financial and business aspects. We have identified two areas of risk in the company’s income sheet and balance sheet, which you can check out by registering on our website. We understand that any investment always carries a certain degree of risk, and we take into account all the necessary factors when coming to our conclusions. Our analysis helps you make an informed decision, and you can be sure that our team of experts has taken all necessary steps to ensure a safe and profitable investment. More…
Peers
Oceaneering International, Inc. is one of the world’s largest providers of engineered services and products to the offshore oil and gas industry, with a focus on deepwater applications. The company has a significant competitive advantage in its unique ability to operate in extremely deepwater environments. Deep Down, Inc. is a leading provider of subsea intervention, installation, and abandonment services to the oil and gas industry. The company has a strong track record of delivering complex projects safely and on time. Dolfines is a leading provider of remotely operated vehicles (ROVs) and related services to the oil and gas industry. The company has a broad range of ROVs and related services that are used in a variety of applications, including deepwater drilling and production. Bumi Armada Bhd is a leading provider of floating production, storage, and offloading (FPSO) vessels and related services to the oil and gas industry. The company has a strong track record of delivering projects on time and on budget.
– Deep Down Inc ($OTCPK:DPDW)
The company’s market capitalization is 7.25 million as of 2022. The company’s return on equity is -2.83%. The company is engaged in the development of oil and gas projects.
– Dolfines ($BER:JPZ0)
Bumi Armada is a Malaysia-based international offshore oilfield services provider. The Company is engaged in the charter, operation and maintenance of floating production, storage and offloading (FPSO) vessels, Floating LNG (FLNG) vessels, Tension Leg Platforms (TLPs), FPSO topsides, FSOs, LNG regasification units, LNG carriers, LNG/CNG carriers, other LNG related floating units, process platforms, mini-refineries, riser platforms and living quarters platforms.
Summary
Oceaneering International reported their latest financial results, with Non-GAAP earnings per share of $0.05 falling short of analysts’ expectation by $0.02. Revenue came in at $537M beating the estimated value by $21.38M. Investors will likely be encouraged by the strong revenue performance, however the lower earnings may have a dampening effect on their outlook. Analysts will be monitoring future performance to gauge the company’s overall financial health and the potential to return value to shareholders.
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