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Mar 31, 2024
Tidewater Q1 2025 Earnings Report
Tidewater's Q1 2024 earnings exceeded expectations due to increasing day rates and strategic drydock scheduling.
Key Takeaways
Tidewater Inc. reported revenue of $321.2 million and net income of $47.0 million ($0.89 per common share) for the three months ended March 31, 2024. The company's performance exceeded expectations, driven by increasing day rates and effective management of seasonality and drydock schedules. The Board has authorized an additional $18.1 million of additional share repurchase capacity, for a total share repurchase capacity of $50.7 million.
Revenue for Q1 2024 reached $321.2 million, surpassing the $193.1 million reported for Q1 2023.
Net income for Q1 2024 was $47.0 million ($0.89 per common share), significantly higher than the $10.7 million ($0.21 per common share) for Q1 2023.
The consolidated global average day rate increased by nearly $1,500 per day sequentially, representing an increase of over 8%.
Free cash flow generation was strong at $69.4 million, leading to an increase in share repurchase authorization.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reiterates its full-year revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0%, remaining optimistic about continued offshore activity acceleration.
Positive Outlook
- Demand outlook remains encouraging for the coming years.
- Persistent tightness in vessel supply is expected to continue.
- Newbuilding vessel orders have not materialized significantly, providing a runway before new supply enters the market.
- Reiterated full-year revenue guidance of $1.40 to $1.45 billion.
- Gross margin guidance of 52.0% is maintained.
Challenges Ahead
- Fluctuations in worldwide energy demand and oil and gas prices could impact results.
- Fleet additions by competitors and industry overcapacity pose a risk.
- Uncertainty of global financial market conditions and potential constraints in accessing capital could affect operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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