Tidewater Q2 Profit Rises, Results Top Estimates

(RTTNews) - Offshore service vessels provider Tidewater, Inc. (TDW) reported Monday a profit for the second quarter that increased from last year, reflecting improved revenues. Both earnings per share and quarterly revenues topped analysts' expectations.

The New Orleans, Louisiana-based provider of offshore service vessels and marine support services to the offshore energy industry reported net income of $60.91 million or $1.22 per share for the second quarter, higher than $54.17 million or $1.09 per share in the prior-year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.06 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $397.52 million from $367.94 million in the same quarter last year, and topped nine Wall Street analysts' consensus estimate of $393.75 million.

Vessel revenues for the quarter increased to $390.95 million from $363.67 million in the year-ago quarter.

Operating income for the quarter improved to $84.72 million from $76.57 million last year. Total costs and expenses grew to $312.80 million from $291.37 million in the prior-year quarter.

TDW closed Monday's regular trading session at $35.97, down $0.90 or 2.44% on a volume of 1.01 million shares. The stock lost a further $0.67 or 1.86% in after-hours trading.