Tidewater reports Q3 EPS 70c, consensus 79c

Reports Q3 revenue $302.7M, consensus $309.17M. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The past year represented a year of significant milestones and profitable growth for Tidewater with revenue and gross profit improving each quarter throughout the year. The supply and demand dynamics positively influencing the offshore vessel industry drove strong financial and operational results, with revenue cresting the $1.0 billion mark, a significant achievement for Tidewater that was bolstered by the acquisitions done in 2022 and 2023. Day rate progression realized during the year is faster than anything we have seen in the industry. The shortage of vessels, a record-low vessel newbuilding order book and improving offshore vessel demand visibility all support improving operational performance into 2024 and beyond, as indicated by our continued confidence in our ability to grow revenue by 40% and grow gross margin by 66% in 2024. As a result of improved industry fundamentals and associated financial performance, Tidewater is once again in a position to return capital to shareholders, the initial phase of which we completed during the fourth quarter of 2023 with an initial $35.0 million of share repurchases. We are excited to continue to grow free cash flow and return capital to our shareholders as this upcycle continues to unfold.”