Here’s Why Oceaneering International Stock Is Plunging Today
Shares of Oceaneering International (NYSE: OII) are getting pummeled on Thursday, and were down more than 19% as of 11:54 a.m. EDT. Fueling the selling frenzy were the offshore product and service company's lackluster third-quarter report, and its downbeat outlook for 2018.
Oceaneering International reported a loss of $1.8 million in the third quarter, or $0.02 per share, which missed expectations by $0.01 per share, and was a reversal from last quarter's $0.02 per share profit. Revenue also took a step backward, falling 13% to $476 million. That said, for the most part, results were right in line with its expectations heading into the quarter; only the company's remotely operated vehicles segment slightly underperformed, because its ROVs spent less of their time operating in regions where it charged higher day rates.
Oceaneering got a chilly reception to its outlook. Image source: Getty Images.
Source: Fool.com
