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Dec 31, 2024
Tidewater Q4 2025 Earnings Report
Tidewater reported a significant increase in revenue and net income for Q4 2024, driven by strong day rates and strategic fleet management.
Key Takeaways
Tidewater Inc. announced a strong fourth quarter for 2024, with revenue increasing to $345.1 million and net income reaching $36.9 million. The company's average day rate saw a substantial increase to $22,236 per day, reflecting favorable market conditions and strategic fleet high-grading.
Revenue for Q4 2024 increased to $345.1 million, up from $302.7 million in Q4 2023.
Net income for Q4 2024 was $36.9 million, compared to $37.7 million in Q4 2023, impacted by foreign exchange loss.
Average day rate significantly increased to $22,236 per day in Q4 2024.
The company repurchased 864,104 shares for $44.1 million during the fourth quarter.
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 2025 revenue to be similar to or slightly better than 2024, with gross margin guidance of 48% to 50%. The company expects improving demand fundamentals towards the end of the year and has authorized a new share repurchase program.
Positive Outlook
- Initiating 2025 revenue guidance of $1.32 to $1.38 billion, similar to or slightly better than 2024.
- Initiating 2025 gross margin guidance of 48% to 50%.
- Board approved additional share repurchase authorization of $90.3 million.
- Improving demand fundamentals expected as the year progresses.
- Offshore vessel supply remains in a favorable position with modest newbuild additions.
Challenges Ahead
- Relatively slow start to the year anticipated for 2025.
- Net Income and Adjusted EBITDA in Q4 2024 were adversely impacted by a $14.3 million foreign exchange loss.
- No new vessel deliveries expected during 2025.
- Potential for continued foreign exchange fluctuations impacting financial results.
- Uncertainty around global financial market conditions and access to capital.
Revenue & Expenses
Visualization of income flow from segment revenue to net income