Oceaneering International, Inc. (NYSE:OII) Q1 2018 Earnings Conference Call - Final Transcript
Apr 26, 2018 • 11:00 am ET
Hello. My name is Amy, and I will be your facilitator today. At this time, I would like to welcome everyone to Oceaneering's First Quarter 2018 Conference Call. [Operator Instructions]
With that, I will now turn the call over to Suzanne Spera, Oceaneering's Director of Investor Relations. Please go ahead.
Suzanne M. Spera
Thank you, Amy. Good morning and welcome to the Oceaneering first quarter 2018 results conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website. Joining us on the call are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; Alan Curtis, Chief Financial Officer; and Marvin Migura, Senior Vice President.
Before we begin, I would just like to remind participants that statements we make during the course of this call regarding our future financial performance, business strategy, plans or future operations and industry conditions are forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our first quarter press release. We welcome your questions after the prepared statements.
I'll now turn the call over to Rod.
Roderick A. Larson
Good morning, and thanks for joining the call today. I'd like to start by saying we were pleased with our overall quarterly operating results. For the first quarter, our reported loss per share of $0.50 included the impact of $8.3 million of pre-tax foreign currency exchange losses and $2.4 million of tax provisions related to discrete tax items. Excluding these items, adjusted net loss per share was $0.41.
Our operating results met our expectations and reflected the seasonality and timing of projects within our energy-related businesses. It is noteworthy that each of our operating segments remained positive -- or maintained positive earnings before interests, taxes, depreciation and amortization or EBITDA. And our adjusted consolidated EBITDA of $25.2 million was in line with consensus published estimates.
During the quarter we generated $5.6 million of cash flow provided by operating activities and utilized $25.7 million of cash to organically grow our portfolio of services and products. Our recent $68.4 million acquisition of Ecosse Subsea that was funded from our cash balance reflects our commitment to expand our service line capabilities, grow our market position within the offshore renewable energy market and provide our customers with proven tools to optimize installation projects.
We recorded a $5.9 million tax provision during the quarter that included the previously mentioned $2.4 million of discrete items primarily related to accounting for share-based compensation. Our tax expense varied from our guidance due to geographical mix of operating revenues and results that generated taxes in certain jurisdictions that exceeded the tax benefit from losses and credits in other jurisdictions.
Now, let's look at our business operations for the first quarter of 2018 by segment. Compared to the adjusted fourth quarter, ROV operating income was down as expected. Excluding the impact of