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What: Oceaneering International
So what: The company posted earnings of $1.09 per share, easily beating analyst estimates of $0.94. Revenue of $516 million, up 7% from a year ago, also beat estimates.
Now what: The offshore oil service industry is picking up in the wake of the Gulf oil spill, and Oceaneering is a prime benefactor. I see no reason to think the trend won't continue given current regulatory conditions and a pickup in drilling activity once the Gulf fully opens. I'm buying these earnings as a sign of better things to come.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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