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Oceaneering International: 2Q Earnings Snapshot

HOUSTON — Oceaneering International Inc. (OII) on Wednesday reported a loss of $24.8 million in its second quarter.

The Houston-based company said it had a loss of 25 cents per share. Losses, adjusted for restructuring costs and non-recurring costs, came to 14 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.

The oilfield services company posted revenue of $427.2 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $451.7 million.

Oceaneering International shares have declined 58% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.20, a decrease of 59% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OII at https://www.zacks.com/ap/OII

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