Why Oceaneering International Stock Is Plunging Today
Shares of Oceaneering International (NYSE: OII) tumbled more than 10% by 10:15 a.m. EDT on Thursday. Driving down the stock of the company, which focuses on offshore-drilling products and services, were lackluster second-quarter results and a dampened outlook for 2019.
Oceaneering International continued to battle challenging conditions in the offshore services market during the second quarter. While the company hauled in $495.8 million of revenue, which was up 4% year over year and less than 1% sequentially, that was $29.2 million below analysts' expectations. Meanwhile, the adjusted net loss of $0.32 per share was $0.08 worse than the consensus estimate.
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