Oceaneering beats Q2 revenue estimates on Offshore Projects strength, raises FY adj EBITDA guidance

Oceaneering International, Inc.

Oceaneering International, Inc.

OII

0.00


Overview

  • Offshore robotics and services firm's Q2 revenue rose 10%, beating analyst expectations

  • Q2 adjusted EBITDA rose 11% and beat analyst expectations

  • Company says Offshore Projects Group drove results; IMDS segment impacted by Middle East conflict


Outlook

  • Oceaneering raises full-year 2026 adj EBITDA guidance to $400 mln-$440 mln

  • Company sees Q3 2026 EBITDA between $115 mln and $125 mln

  • IMDS operating income margin expected in low-single-digit percentage for full-year 2026


Result Drivers

  • OFFSHORE PROJECTS GROUP - OPG segment outperformed, with favorable project mix and operational execution driving higher revenue and profitability

  • SUBSEA ROBOTICS - Higher ROV revenue per day and increased survey activity contributed to SSR revenue growth, despite slightly lower fleet utilization

  • MANUFACTURED PRODUCTS - Improved profitability in umbilicals business and mobility solutions drove higher operating income and margin expansion


Company press release: ID:nBw4WcDmka


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

Beat

$768 mln

$734.78 mln (3 Analysts)

Q2 EPS

$0.65

Q2 Net Income

$65 mln

Q2 Adjusted EBITDA

Beat

$115 mln

$103.95 mln (3 Analysts)

Q2 Operating Income

$88.24 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the oil related services and equipment peer group is "buy."

  • Wall Street's median 12-month price target for Oceaneering International Inc is $37.50, about 16% below its July 21 closing price of $44.65

  • The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 19 three months ago


Reuters Recommended Reads

  • July 22 - Saipem, Subsea 7 deal may lead to price hikes, EU antitrust regulators warn

  • July 21 - Halliburton tumbles on tepid revenue forecast, Middle East recovery warning

  • July 22 - Teledyne lifts annual profit forecast, tops quarterly results estimates


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