HOUSTON (AP) _ Oceaneering International Inc. (OII) on Wednesday reported a loss of $24.8 million in its second quarter.
The Houston-based company said it had a loss of 25 cents per share. Losses, adjusted for restructuring costs and non-recurring costs, came to 14 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.
The oilfield services company posted revenue of $427.2 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $451.7 million.
Oceaneering International shares have declined 58% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.20, a decrease of 59% in the last 12 months.