Why Oceaneering International Stock Tanked as Much as 12% in Early Trading Today
Shares of Oceaneering International (NYSE: OII), a provider of energy services largely in the offshore drilling arena, fell sharply in early trading on April 28, dropping as much as 12%. The big news was the company's first-quarter 2021 earnings release, which hit the market after the close on April 27.
On the revenue front, Oceaneering International reported sales of $446 million, up from $438 million in the first quarter of 2021, but down from the $467 million it brought in during the fourth quarter of 2021. That, however, wasn't a shock: CEO Roderick Larson noted, "Our consolidated first quarter 2022 unfolded largely as expected." And, looking to the rest of the year, management is anticipating a notable uptick in the business. Revenues, meanwhile, came in above analyst consensus.
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Source Fool.com