Tidewater Q3 Profit Down 58%; Revenues Rise, But Miss View

(RTTNews) - Tidewater Inc. (TDW), a provider of offshore service vessels and marine support services, on Tuesday reported a 58 percent decline in profit for the third quarter from last year, as higher revenues were more than offset by an impairment charge. Revenues for the quarter missed analysts' estimates.

The New Orleans, Louisiana-based company's net income for the third quarter was $12.58 million or $0.25 per share, down from $29.95 million or $0.61 per share in the year-ago period.

The latest quarter's results included a non-cash goodwill impairment charge of $43.4 million after tax, or $0.87 per share, resulting from the company's annual goodwill impairment assessment.

As a result of the general reduction in the level of business in the company's Asia/Pacific region, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the latest quarter.

On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 18 percent to $365.25 million from $309.47 million in the year-ago period, but missed analysts' consensus revenue estimate of $374.03 million.

Of the total revenues, vessel revenues also rose 18 percent from the prior-year period to $360.71 million.

TDW closed Tuesday's regular trading session at $50.49, down $0.06 or 0.12 percent on a volume of 943,233 shares.