Tidewater Slips To Loss On Lower Revenue, Impairment Charges

(RTTNews) - Tidewater Inc (TDW) on Monday reported first-quarter net loss of $15.1 million or $0.32 per share compared with a profit of $43.7 million or $0.88 per share last year.

Analysts polled by Thomson Reuters estimated earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the latest quarter included $15 million in non-cash asset impairment charges, and $10 million of foreign exchange losses, Tidewater said.

The company's revenues for the quarter fell to $304.8 million from $385.7 million last year, while analysts estimated $303.8 million.

Tidewater is a provider of offshore service vessels and marine support services to the energy industry.