Oceaneering reports Q1 EPS 15c, consensus (24c)

Reports Q1 revenue $599.1M, consensus $587.4M. Roderick A. Larson, CEO, stated, “We are encouraged by our first quarter 2024 results. Our adjusted EBITDA was higher than guided, on better-than-expected activity levels across our businesses. Compared to the same quarter last year, our consolidated first quarter 2024 operating income was 37% higher on a 12% increase in revenue, with higher revenue in all of our business segments and improved operating income in each segment except for our Offshore Projects Group (OPG). These results, when combined with our backlog and current levels of bidding activity, support our unchanged guidance for the year.”