Oceaneering International (OII) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $7.53 million, or $ 0.08 a share in the quarter, against a net profit of $25.10 million, or $0.26 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $4.03 million, or $0.04 a share compared with a net profit of $28.93 million, or $0.29 a share in the last year period.
Revenue during the quarter dropped 26.66 percent to $446.18 million from $608.34 million in the previous year period. Gross margin for the quarter contracted 597 basis points over the previous year period to 10.05 percent. Operating margin for the quarter stood at negative 0.03 percent as compared to a positive 7.91 percent for the previous year period.
Operating loss for the quarter was $0.15 million, compared with an operating income of $48.10 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $0.15 million compared to operating profit of $48.10 million in prior year period.
M. Kevin McEvoy, chief executive officer of Oceaneering, stated, "Our first quarter operating results were slightly better than our expectations. Again, we are pleased that each of our operating segments generated positive results and, overall, maintained positive EBITDA and free cash flow."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
