HOUSTON (AP) _ Oceaneering International Inc. (OII) on Wednesday reported a first-quarter loss of $7.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of 8 cents. Losses, adjusted for non-recurring costs, came to 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The oilfield services company posted revenue of $446.2 million in the period, which did not meet Street forecasts. Nine analysts surveyed by Zacks expected $458.1 million.
Oceaneering International shares have declined almost 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.32, a decrease of 19 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OII at https://www.zacks.com/ap/OII
Keywords: Oceaneering International, Earnings Report