Shares of Oceaneering International Inc. (OII) plummeted 5.05% in intraday trading on Friday, underperforming the broader market, after the company reported mixed fourth-quarter 2024 results and provided a cautious outlook for 2025.
For the fourth quarter, Oceaneering reported adjusted earnings per share of $0.37, missing the consensus estimate of $0.45. While total revenues of $713 million beat expectations and increased year-over-year, the company's earnings were impacted by lower-than-expected operating income from segments like Manufactured Products, Aerospace and Defense Technologies, and Integrity Management & Digital Solutions.
Looking ahead, the company expects revenue and operating income growth across several key segments in the first quarter of 2025, including Subsea Robotics, Manufactured Products, and Offshore Projects Group. However, due to rising geopolitical uncertainties, Oceaneering has adjusted the lower end of its full-year 2025 EBITDA guidance, indicating a more cautious outlook.
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