Oceaneering -17% after posting Q2 miss, trimming full-year EBITDA guidance

|About: Oceaneering International, ... (OII)|By:, SA News Editor

Oceaneering International (NYSE:OII) reports a larger than expected Q2 loss and misses revenue estimates while lowering the top end of adjusted EBITDA guidance.

OII says Q2 Subsea Products operating income improved on an 8% Q/Q increase in revenue, results that were better than expected, while Subsea Projects operating income fell sharply and was lower than forecast as the expected increase in call-out work did not materialize and operational issues on some projects caused cost overruns.

Q2 operating income Advanced Technologies fell amid a 12% Q/Q revenue drop, mostly due to the failure to secure a large anticipated U.S. Navy contract and production timing associated with certain theme park projects.

OII says it is narrowing FY 2019 EBITDA outlook by lowering the top end of its guidance range to $150M-$170M from $150M-$180M previously, due primarily to project call-out work not materializing to the degree necessary to achieve the high end of prior guidance.

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