Oceaneering reports Q2 EPS 54c, consensus 41c

Reports Q2 revenue $698M, up 4% y/y. Rod Larson, Oceaneering’s (OII) President and Chief Executive Officer, stated, “I am pleased to report another strong quarter, in which we delivered the considerable quarterly year-over-year increases noted above. We achieved these results through commencement of recent contract awards in Aerospace and Defense Technologies (ADTech), favorable service mix and strong execution in our Offshore Projects Group (OPG), conversion of higher margin backlog in Manufactured Products, and continued progression of remotely operated vehicle (ROV) day rates. As expected, all of our operating segments produced quarterly year-over-year improvements in revenue, operating income, and operating income margin.”