Oceaneering OII reported a second-quarter 2022 adjusted profit of 7 cents per share, lagging the Zacks Consensus Estimate of a profit of 14 cents. This underperformance was largely due to weaker results in certain segments.Moreover, the bottom line worsened compared to the year-ago quarter’s profit of 10 cents per share. This can be attributed to lower year-over-year revenues from the Integrity Management & Digital Solutions and Aerospace and Defense Technologies units and an increase in expenses.Oceaneering’s total quarterly revenues of $524 million beat the Zacks Consensus Estimate of $521 million and increased approximately 5.2% from the year-ago sales of $498.2 million.Segmental InformationSubsea Robotics: The unit provides remotely operated submersible vehicles for drill support, vessel-based inspection, subsea hardware installation, pipeline surveys and maintenance services.Revenues of $157.1 million compared favorably with $141.4 million in the second quarter of 2021. Moreover, the segment reported an operating income of $25.9 million, greater than the year-ago quarter’s $21.7 million. Days on hire rose 4.5% year over year to 14,631, while ROV utilization increased to 64%.Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.Revenues were $105.5 million, up substantially from the prior-year figure of $79.1 million. However, the segment posted an operating loss in the second quarter of about $1.3 million compared to the year-ago quarter’s profit of $790,000. Meanwhile, the backlog rose to $335 million as of Jun 30, 2022.Offshore Projects Group: This involves OII’s former Subsea Projects segment, excluding survey services and global data solutions, and service and rental business, excluding ROV tooling.Revenues increased about 7.9% to $116.5 million from $89.2 million in the year-ago quarter. The uptick in revenues led to the unit’s operating income of $17.5 million comparing favorably with the $7.9 million income reported in the second quarter of 2021.Integrity Management & Digital Solutions: This segment mainly covers Oceaneering’s Asset Integrity segment along with its global data solutions business.Revenues of $59.4 million went down from the year-ago figure of $64 million. Moreover, the segment reported an operating income of $3.4 million compared with the prior-year quarter’s $4.7 million as a result of operational issues.Aerospace and Defense Technologies: The segment is engaged in Oceaneering’s government business, which focuses on defense subsea technologies, marine services and space systems.Revenues totaled $85.5 million, down from $105.7 million in the second quarter of 2021. As a result, the operating income of $8.9 million fell from $19.3 million in the year-ago quarter.Oceaneering International, Inc. Price, Consensus and EPS Surprise Oceaneering International, Inc. price-consensus-eps-surprise-chart | Oceaneering International, Inc. QuoteCapital Expenditure & Balance SheetThe capital expenditure in the second quarter, including acquisitions, summed at $16.5 million. As of Jun 30, 2022, OII had cash and cash equivalents worth $368.4 million and long-term debt of about $701.5 million. The debt-to-total capital was 59.5%.OutlookFor the third quarter of 2022, Oceaneering predicts unallocated expenses in the mid-$30 million range. The company anticipates results improving in the third quarter on a consolidated basis, with the quarterly EBITDA forecast between $60 and $70 million on higher revenues.For 2022, Oceaneering now projects its consolidated EBITDA in the $210 million-$240 million range and continued significant free cash flow generation in the revised range of $25-$75 million.Zacks Rank & Upcoming ReleasesOceaneering currently carries a Zacks Rank #3 (Hold). 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Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Marathon Oil Corporation (MRO): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report To read this article on Zacks.com click here.