Ocean Engineering beats & very positive on deep water, bodes well for ESV
5:03PM Oceaneering Intl beats by $0.02, reports revs in-line; guides Q4 EPS in-line; guides FY14 EPS in-line (OII) 84.54 +0.85 : Reports Q3 (Sep) earnings of $0.96 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.94; revenues rose 16.2% year/year to $853.3 mln vs the $855.71 mln consensus.
Co issues in-line guidance for Q4, sees EPS of $0.80-0.85 vs. $0.84 Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, sees EPS of $3.90-4.10 vs. $4.02 Capital IQ Consensus Estimate.
"For our services and products, we anticipate continued global demand growth to support deepwater drilling, field development, and inspection, maintenance, and repair activities.
This market outlook is supported by industry observations and assessments that deepwater drilling is increasing, subsea equipment orders are growing, and backlog to perform offshore construction projects is at a historically high level.
"Compared to 2013, we anticipate all of our oilfield segments will have higher operating income in 2014, notably: ROV on greater service demand to support drilling and vessel-based projects, led by increased activity off Africa; Subsea Products on higher demand for each of our major product lines; and Subsea Projects on growth in deepwater intervention service activity in the U.S. Gulf of Mexico and additional work offshore Angola."