Oceaneering International Inc (OII)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	398,971	307,377	264,065	163,941	98,244
Revenue	US$ in thousands	2,424,710	2,066,080	1,869,280	1,827,890	2,048,120
Gross profit margin		16.45%	14.88%	14.13%	8.97%	4.80%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $398,971K ÷ $2,424,710K
= 16.45%

Oceaneering International, Inc.'s gross profit margin has exhibited an upward trend over the past five years, indicating an improvement in the company's ability to generate profits from its core business operations. The gross profit margin increased from 4.80% in 2019 to 16.45% in 2023, reflecting a significant enhancement in profitability.

The consistent growth in gross profit margin signifies that Oceaneering International has effectively managed its cost of goods sold and enhanced efficiency in production or service delivery. This improvement could result from various factors such as cost control measures, economies of scale, pricing strategies, or operational efficiencies.

Investors and analysts typically view an increasing gross profit margin positively as it indicates a company's ability to generate profits after accounting for the direct costs related to producing goods or services. Oceaneering International's expanding gross profit margin trend over the years suggests a positive trajectory in its operating performance and overall financial health.