Oceaneering International Inc. has reported an increase in its earnings for the first quarter, surpassing Wall Street's expectations. The company's net income was $15.14 million, equivalent to $0.15 per share, a significant increase from the $4.06 million, or $0.04 per share, reported during the same period last year.
When specialty items are excluded, Oceaneering International Inc. posted an adjusted income of $13.89 million or $0.14 per share for this period.
Market analysts had projected the company would report a loss of $0.24 per share, according to data gathered by Thomson Reuters. These projections usually do not take into account special items.
The company's quarterly revenue climbed by 11.6%, amounting to $599.09 million as compared to $536.99 million in the previous year.
To summarize the company's performance as per GAAP standards:
- Quarterly earnings were $15.14 million, compared to $4.06 million last year.
- Earnings per share this quarter were $0.15, up from $0.04 last year.
- The quarter's revenue was $599.09 million, a boost from the $536.99 million reported the previous year.
