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Oceaneering International, Inc. (OII) Stock Plunged 1.23% Pre-Market, Here’s Why

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Oceaneering International, Inc. (OII) stock plummeted 1.23% in the pre-market trading session at the price of $12.87 despite no fundamental reason. The last reported news on the company’s website was its second quarter of 2021 financial results. OII is an international company that provides engineered products and services to the offshore energy, defense, aerospace, and entertainment industries.

OII Second Quarter 2021 Financial Results

On 28th July 2021, OII stock announced its financial results for the second quarter ended on 30th June 2021. The reported net income was $6.2 million, or $0.06 per share, for the second quarter of 2021. Net loss was $9.4 million or $(0.09) per share during the first quarter ended 31st March 2021. The total revenue was $498 million for the three months ended on 30th June 2021. The reported revenues were $438 million during the first quarter ended 31st March 2021.

OII reported an adjusted net income of $10.4 million, or $0.10 per share, in the second quarter of 2021. The adjusted net income was $2.8 million, or $0.03 per share, in the first quarter of 2021. Consolidated EBITDA was $60.6 million and consolidated adjusted operating income was $24.2 million in the second quarter of 2021. Cash flow and free cash flow from operations were $50.5 million and $37.9 million, respectively in the second quarter ended 30th June 2021.

CEO Comments

Chief Executive Officer of OII stock, Roderick A. Larson, remarked that they are raising adjusted EBITDA guidance from $200 to $225 million for the whole year because of their first-half financial performance. Regardless of ongoing COVID-19 related uncertainties, they are confident due to positive client cooperation, higher oil price expectations, and a developing backlog. Their second quarter 2021 results reflected positive net income as they earned more than expected adjusted EBITDA of $60.6 million. Their positive performance resulted from increased seasonal demand for their services and products, he added.

Third Quarter 2021 Outlook

For the third quarter of 2021, OII stock anticipates lower activity levels and comparatively flat operating profitability in the OPG segment compared to the second quarter. The company expects flat activity and operating profitability in their SSR, Manufactured Products, and IMDS segments. The expected unallocated expenses are in the range of mid-$30 million. For third-quarter 2021 results, they expect a sequential drop of $50-$55 million in their adjusted EBITDA.

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