Shares of Oceaneering International (OII) are soaring 5.82% in pre-market trading on Thursday, following the company's strong second-quarter earnings report released after market close on Wednesday.
The offshore energy services and products company reported earnings of $0.54 per share for Q2, significantly surpassing the $0.44 per share expected by analysts surveyed by FactSet. This represents a substantial increase from the $0.34 per share earned in the same quarter last year, highlighting the company's improved profitability.
Revenue for the quarter ended June 30 also exceeded expectations, coming in at $698.2 million, up from $668.8 million in the previous year. This figure outperformed the $682 million forecast by analysts. The robust financial performance, beating both earnings and revenue estimates, appears to be driving investor enthusiasm and contributing to the stock's sharp rise in early trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.