NEW YORK (TheStreet) -- Shares of Oceaneering International (OII) are up 2.44% to $75.59 on Thursday, after the deep water oil and gas company announced higher first quarter 2014 earnings and revenues that beat its own expectations.
"We are off to a good start to the year as our record first quarter EPS was above our guidance," said CEO M. Kevin McEvoy.
For the first quarter 2014, Oceaneering International generated net income of $91.2 million or $0.84 per share, on revenue of $840.2 million.
During the same quarter for 2013, the company reported a net income of $74.8 million or $0.69 per share, on revenue of $718.9 million.
Year over year quarterly earnings per share increased 22% on profit improvements by all oilfield business operations, the company said.
TheStreet Ratings team rates OCEANEERING INTERNATIONAL as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCEANEERING INTERNATIONAL (OII) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, solid stock price performance and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."