Tidewater Inc ( (TDW) ) has released its Q3 earnings. Here is a breakdown of the information Tidewater Inc presented to its investors.
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Tidewater Inc. is a leading provider of offshore support vessels, operating the largest fleet in the industry to support energy exploration, production, and offshore wind activities worldwide. In its latest earnings report, Tidewater Inc. announced a slight increase in revenue for the third quarter of 2025, reaching $341.1 million, a 0.2% improvement from the previous year. Despite this, the company reported a net loss of $0.8 million, primarily due to a $27.1 million loss on early debt extinguishment. However, the company achieved an adjusted EBITDA of $137.9 million, supported by a favorable foreign exchange gain. The company also generated a free cash flow of $82.7 million for the quarter.
Key financial metrics revealed that Tidewater’s average day rate improved by 2.3% to $22,798 per day, although net income was adversely affected by refinancing activities. The company updated its 2025 revenue guidance to between $1.33 and $1.35 billion, with a gross margin guidance of 49% to 50%. Looking ahead to 2026, Tidewater anticipates revenue between $1.32 and $1.37 billion, maintaining a similar margin range. The company also has an ongoing share repurchase program with an authorization of $500 million.
Tidewater’s President and CEO, Quintin Kneen, highlighted the company’s resilience amid global macroeconomic and geopolitical uncertainties, noting strong vessel up-time and robust earnings. The company benefited from increased utilization across most operating segments, driven by investments in its fleet and broad-based support activities. The management remains optimistic about the demand drivers for offshore activities, including production support, offshore construction, and renewable energy projects.
In conclusion, Tidewater Inc. remains well-positioned to navigate the challenges of the offshore energy market, with a diverse range of activities supporting its business. The company’s strategic investments and operational excellence are expected to continue delivering value to shareholders, despite uncertainties in the pace of offshore drilling activities.