Tidewater Posts Wider Loss In Q1; Shares Plunge - Quick Facts

(RTTNews) - Tidewater Inc. (TDW) reported a first-quarter net loss of $89.1 million, or $1.89 per share, compared to net loss of $15.1 million, or $0.32 per share, last year. Included in the net loss for the quarter ended June 30, 2016 were: $0.77 per share in non-cash asset impairment charges; $0.06 per share of foreign exchange losses; and $0.02 per share of foreign exchange losses which is included in Equity in net losses of unconsolidated companies and related to Angola joint venture, Sonatide. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $0.74 for the quarter. Analysts' estimates typically exclude special items.

First-quarter revenues were $167.9 million compared to $304.8 million, a year ago. Analysts expected revenue of $169.75 million for the quarter.

Shares of Tidewater were down more than 10% after hours.