WASHINGTON (dpa-AFX) - Oceaneering International, Inc. (OII) reported first quarter net income of $69.5 million or $0.70 per share, compared to $91.2 million or $0.84 per share, prior year. The company said year over year, its quarterly earnings were down primarily as a result of lower demand and pricing for many of the services and products it offer. This was attributable to the significant drop in crude oil prices since June 2014, which in turn has led to oil and gas industry reductions in both capital and operating expenditures.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.62 for the quarter. Analysts' estimates typically exclude special items.
Revenue decreased to $786.77 million from $840.20 million last year. Analysts expected revenue of $792.26 million for the quarter.
The company lowered its 2015 EPS guidance to a range of $2.80 to $3.20, down from $3.10 to $3.50. Analysts expect the company to report fiscal 2015 earnings per share of $3.13.
For the second quarter of 2015, the company expects EPS of $0.64 to $0.70. Analysts expect the company to report second quarter earnings per share of $0.84.
Oceaneering International, Inc. also announced that its Board declared a regular quarterly dividend of $0.27 per common share. The dividend is payable June 19, 2015 to shareholders of record at the close of business on May 29, 2015.
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