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Dec 31, 2023
Tidewater Q4 2024 Earnings Report
Tidewater reported Q4 2023 earnings with revenue reaching the highest quarterly level in over eight years and gross margin hitting a 15-year high.
Key Takeaways
Tidewater Inc. reported strong Q4 2023 results, with revenue reaching $302.7 million and net income at $37.7 million ($0.70 per common share). The company's gross margin for the quarter was 47.2%, the highest in 15 years. Free cash flow generation was strong at $61.0 million, and the company initiated share repurchases. Looking ahead, Tidewater anticipates continued revenue growth and margin expansion in 2024.
Q4 revenue reached $302.7 million, the highest in over eight years.
Gross margin for Q4 was 47.2%, a 15-year high.
Leading edge day rates increased sequentially by $902 to $29,511.
Generated $61.0 million of free cash flow and repurchased $35.0 million in shares.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tidewater anticipates quarterly revenue growth each quarter in 2024, outgrowing the seasonality typically seen in the first and fourth quarters of the year. Gross margin for the fourth quarter of 2024 to reach 56.0%.
Positive Outlook
- Continued revenue growth each quarter in 2024
- Gross margin for the fourth quarter of 2024 to reach 56.0%
- Leading edge day rates continued their upward trend
- Improving demand across all regions
- Improving demand for a variety of end markets beyond drilling
Historical Earnings Impact
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Avg. Return Before/After Earnings
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