Oceaneering International (OII) Misses Q2 Earnings Estimates

Core Insights - Oceaneering International (OII) reported quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.37 per share, but showing an increase from $0.18 per share a year ago, resulting in an earnings surprise of -24.32% [1] - The company posted revenues of $668.81 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.55% and increasing from $597.91 million year-over-year [3] - Oceaneering International's stock has gained approximately 23.2% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.43 on revenues of $673.98 million, and for the current fiscal year, it is $1.40 on revenues of $2.62 billion [7] - The company is expected to post quarterly earnings of $0.10 per share in its next report, reflecting a year-over-year change of -23.1% [8] Industry Context - Oceaneering International belongs to the Zacks Oil and Gas - Field Services industry, which is currently ranked in the bottom 13% of over 250 Zacks industries [10] - The industry outlook can significantly impact stock performance, with research indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [10]