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Oceaneering International (New York Stock Exchange:OII) fell 3.7% in after-hours trading on Wednesday after the maker of underwater robots reported quarterly earnings that missed the average estimate among Wall Street analysts.
Adjusted earnings of $0.28 per share were lower than the consensus estimate of $0.31 per share.
Revenue rose 12% from a year ago to $668.8 million in the second quarter, beating the consensus of $653.5 million.
“We anticipate continued high levels of activity in our offshore markets for the remainder of the year, partially offset by lower expectations in our Aerospace and Defense Technologies segment,” Roderick Larson, Oceaneering’s president and CEO, said in a statement.
The company lowered its guidance range for adjusted earnings before interest, taxes, depreciation and amortization to between $340 million and $370 million.
“We continue to expect positive free cash flow generation for 2024 in the range of $110 million to $150 million,” Larson said.
