Loading...
•
Sep 30, 2024
Tidewater Q3 2025 Earnings Report
Tidewater's financial performance increased due to higher revenue and improved gross margin
Key Takeaways
Tidewater Inc. reported revenue of $340.4 million and net income of $46.4 million ($0.87 per common share) for the three months ended September 30, 2024, compared to revenue of $299.3 million and net income of $26.2 million ($0.49 per common share) for the same period in 2023. The company's gross margin was 47.2%, and the consolidated average day rate increased by over 5% to $22,275.
Third quarter revenue was $340.4 million with a gross margin of 47.2%.
Consolidated average day rate increased over 5% to $22,275.
Utilization declined in all geographic segments due to project start-up delays and higher-than-expected idle time.
The Board has authorized the maximum permissible amount of share repurchases under our existing debt agreements, and our current unused repurchase capacity is now $42.8 million.
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
Tidewater anticipates increased free cash flow generation and share repurchase capacity in the coming quarters, but faces uncertainty regarding the pace of offshore activity growth throughout 2025 due to concerns around slower acceleration in oil demand and geopolitical events.
Positive Outlook
- Quarterly free cash flow generation is expected to increase over the next two quarters.
- Share repurchase capacity is expected to increase substantially.
- The company has a strong desire to repurchase shares at current trading levels.
- The Board has authorized the maximum permissible amount of share repurchases.
- Longer-term outlook for Tidewater remains attractive due to the world’s demand for energy.
Challenges Ahead
- Visibility into the continued pace of growth in offshore activity throughout 2025 is limited.
- Concerns around slower acceleration in oil demand driven by lower-than-expected growth in China.
- Geopolitical events are creating uncertainty.
- Growth in non-OPEC oil supply is a concern.
- Improvements in demand for offshore vessels coming from subsea activities is not clear to what extent that will offset the expected pause in the growth of offshore drilling activity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income