HOUSTON (AP) _ Oceaneering International Inc. (OII) on Wednesday reported a fourth-quarter loss of $64.1 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to 7 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 24 cents per share.
The oilfield services company posted revenue of $495.1 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $488.1 million.
For the year, the company reported a loss of $212.3 million, or $2.16 per share, swinging to a loss in the period. Revenue was reported as $1.91 billion.
Oceaneering International shares have risen 28 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.46, a drop of 14 percent in the last 12 months.