FX.co ★ Oceaneering International Inc. Q1 Profit Increases, beats estimates

Oceaneering International Inc. has reported an increase in its earnings for the first quarter, surpassing Wall Street's expectations. The company's net income was $15.14 million, equivalent to $0.15 per share, a significant increase from the $4.06 million, or $0.04 per share, reported during the same period last year.

When specialty items are excluded, Oceaneering International Inc. posted an adjusted income of $13.89 million or $0.14 per share for this period.

Market analysts had projected the company would report a loss of $0.24 per share, according to data gathered by Thomson Reuters. These projections usually do not take into account special items.

The company's quarterly revenue climbed by 11.6%, amounting to $599.09 million as compared to $536.99 million in the previous year.

To summarize the company's performance as per GAAP standards:

- Quarterly earnings were $15.14 million, compared to $4.06 million last year.

- Earnings per share this quarter were $0.15, up from $0.04 last year.

- The quarter's revenue was $599.09 million, a boost from the $536.99 million reported the previous year.