Shares of Oceaneering International (OII) are soaring 5.82% in pre-market trading on Thursday, following the company's strong second-quarter earnings report released after market close on Wednesday.
The offshore energy services and products company reported earnings of $0.54 per share for Q2, significantly surpassing the $0.44 per share expected by analysts surveyed by FactSet. This represents a substantial increase from the $0.34 per share earned in the same quarter last year, highlighting the company's improved profitability.
Revenue for the quarter ended June 30 also exceeded expectations, coming in at $698.2 million, up from $668.8 million in the previous year. This figure outperformed the $682 million forecast by analysts. The robust financial performance, beating both earnings and revenue estimates, appears to be driving investor enthusiasm and contributing to the stock's sharp rise in early trading.
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