Seeking Alpha

Oceaneering +3.4% as Q1 profit tops estimates

  • Oceaneering (OII +3.4%) moves higher after Q1 earnings and revenues beat expectations on the back of strength in its subsea products division, which saw higher demand for undersea hardware and the umbilicals line with an $894M end-of-quarter backlog.
  • OII added 14 new ROV systems to its operations during Q1, and increased utilization to 86% from 83%.
  • OII expects all of its business segments to continue growth and post higher income in 2014 than in 2013; sees Q2 EPS of $0.97-$1.01 vs. analyst consensus estimate of $1.04, and FY 2014 EPS of 3.90-$4.10 vs. $4.03 consensus.
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