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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.
Tidewater
Tidewater
Tidewater Revenue by Segment
Tidewater Revenue by Geographic Location
Revenue by Segment
Vessel Revenues Revenue
CapyFin.comOther Operating Revenues Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comMiddle East Revenue
CapyFin.comEurope/Mediterranean Revenue
CapyFin.comWest Africa Revenue
CapyFin.com 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.
- Changes in customer decisions and capital spending based on industry expectations could influence demand.
- Consolidation of the customer base may lead to loss of major customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income