Oceaneering International Q4 Loss Widens

(RTTNews) - Oceaneering International Inc. (OII) reported that its fourth-quarter net loss widened to $262.91 million or $2.66 per share from $64.14 million or $0.65 per share in the prior year.

Adjusted net income was $2.5 million or $0.03 per share, reflecting the impact of $255 million of pre-tax adjustments, primarily $240 million associated with asset impairments, write-downs and write-offs recognized during the quarter.

Quarterly revenues were $560.81 million up from $495.10 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share and revenues of $515.73 million for the fourth-quarter. Analysts' estimates typically exclude special items.

The company expects 2020 financial results to improve year over year, due to its expectations for higher activity and operating margins in each of its segments.