HOUSTON (AP) _ Oceaneering International Inc. (OII) on Wednesday reported a loss of $367.6 million in its first quarter.
The Houston-based company said it had a loss of $3.71 per share. Earnings, adjusted for one-time gains and costs, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.
The oilfield services company posted revenue of $536.7 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $540.5 million.
In the final minutes of trading on Wednesday, the company's shares hit $4.64. A year ago, they were trading at $17.65.