Note: Tidewater Inc. (NYSE:TDW) has been covered by me previously, so investors should view this article as an update to my earlier publications on the company. Two weeks ago, leading offshore service vessel provider Tidewater Inc., or "Tidewater," reported weaker than expected Q3/2024 results with both top- and bottom-line numbers coming in below consensus expectations: While revenues of $340.4 million and Adjusted EBITDA of $142.6 million represented new multi-year highs, active fleet utilization of 75.4 ...

Tidewater Inc. (NYSE:TDW) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET Company Participants West Gotcher - VP, Finance and IR Quintin Kneen - President and CEO Piers Middleton - CCO Samuel Rubio - CFO Conference Call Participants Jim Rollyson - Raymond James David Smith - Pickering Energy Partners Greg Lewis - BTIG Don Crist - Johnson Rice James West - Evercore Fredrik Stene - Clarksons Securities Operator Thank you for standing by. My name is Novi, and I'll be your operator today. At this t ...

Tidewater (TDW) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.77 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 10.13%. A quarter ago, it was expected that this offshore energy services provider would post earnings of $0.72 per share when it actually produced earnings of $0.94, delivering a surprise of 30.56%. Over the last four qu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 1-6311 Tidewater Inc. (Exact name of registrant as specified in its charter) Delaware 72-0487776 (State or other jurisdiction of incorporat ...

Revenue and Financial Performance - Revenue for Q3 2024 was $340.4 million, a $1.1 million increase from the prior quarter[1] - Total revenues for Q3 2024 increased to $340.36 million, up from $299.26 million in Q3 2023, representing a 13.7% growth[17] - Vessel revenues for the nine months ended September 30, 2024, reached $994.17 million, up 42.3% from $698.48 million in the same period last year[17] - Total vessel revenues for the three months ended September 30, 2024, were $338.485 million, a 14% increase from $296.975 million in the same period in 2023[24] - Total revenues for Q3 2024 were $340.356 million, a slight increase from $339.230 million in Q2 2024[27] - Vessel revenues for Q3 2024 were $338.485 million, up from $337.003 million in Q2 2024[27] - Worldwide fleet total revenue for Q3 2024 was $338.485 million, showing a slight increase from $337.003 million in Q2 2024 and a significant rise from $296.975 million in Q3 2023[31] - Worldwide vessel revenues increased to $338.5 million in September 2024, up from $337.0 million in June 2024 and $318.7 million in March 2024[47] Net Income and Profitability - Net income for Q3 2024 was $46.4 million, compared to $26.2 million in Q3 2023[1] - Net income attributable to Tidewater Inc. for Q3 2024 rose to $46.37 million, compared to $26.20 million in Q3 2023, a 77.0% increase[17] - Net income attributable to Tidewater Inc. for Q3 2024 was $46.371 million, compared to $50.354 million in Q2 2024[27] - Net income for Q3 2024 was $45.99 million, a decrease from $49.92 million in Q2 2024[29] - Net income for September 2024 was $46.0 million, slightly down from $49.9 million in June 2024 but up from $37.3 million in December 2023[49] Cash Flow and Liquidity - Cash flow from operations for the first nine months of 2024 was $182.5 million, the best performance in 8 years[3] - Cash and cash equivalents as of September 30, 2024, stood at $280.84 million, slightly up from $274.44 million at the end of 2023[18] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $182.55 million, a significant increase from $57.47 million in the same period last year[21] - Net cash provided by operating activities in Q3 2024 was $49.14 million, down from $78.65 million in Q2 2024[29] - Free cash flow for Q3 2024 was $66,990 thousand, compared to $87,569 thousand in Q2 2024 and $69,373 thousand in Q1 2024[56] - Cash interest expense for Q3 2024 was $23,535 thousand, up from $14,925 thousand in Q2 2024 and $15,621 thousand in Q1 2024[56] Share Repurchases and Capital Allocation - The company repurchased 189,738 shares for $15.0 million at an average price of $79.06 per share[1] - The company anticipates share repurchase capacity to increase by close to $100 million in Q1 2025[3] - The company repurchased and retired $14.172 million worth of common stock during the three months ended September 30, 2024[22] Guidance and Outlook - Updated 2024 revenue guidance to $1.33 to $1.35 billion and gross margin guidance of 48%[1] - The company expects quarterly free cash flow generation to increase in the next two quarters[3] - The outlook on the timing of growth in offshore vessel activity has become uncertain due to concerns around slower acceleration in oil demand[6] Operating Income and Expenses - Operating income for the nine months ended September 30, 2024, was $229.97 million, a 93.0% increase from $119.12 million in the same period last year[17] - Operating income for the three months ended September 30, 2024, was $69.946 million, a 26% increase from $55.674 million in the same period in 2023[25] - Operating income for Q3 2024 was $69.946 million, a decrease from $78.127 million in Q2 2024[27] - Total operating costs and expenses for Q3 2024 were $270.410 million, up from $261.103 million in Q2 2024[27] - Total vessel operating costs worldwide increased to $178.7 million in September 2024, up from $176.5 million in June 2024 and $158.6 million in December 2023[47] Regional Performance - West Africa region contributed the highest vessel revenues at $95.324 million (28% of total) for the three months ended September 30, 2024, up from $73.650 million (25%) in the same period in 2023[24] - Asia Pacific region's vessel revenues increased by 44% to $56.283 million for the three months ended September 30, 2024, compared to $38.994 million in the same period in 2023[24] - Americas fleet revenue decreased to $64.606 million in Q3 2024 from $73.142 million in Q2 2024, with PSV > 900 vessels contributing $27.192 million[31] - Asia Pacific fleet revenue increased to $56.283 million in Q3 2024 from $55.221 million in Q2 2024, driven by PSV > 900 vessels generating $19.535 million[31] - Middle East fleet revenue remained stable at $36.947 million in Q3 2024 compared to $36.536 million in Q2 2024, with PSV < 900 vessels contributing $19.909 million[31] - Europe/Mediterranean fleet revenue rose to $85.325 million in Q3 2024 from $83.266 million in Q2 2024, with PSV > 900 vessels generating $66.808 million[31] - West Africa fleet revenue increased to $95.324 million in Q3 2024 from $88.838 million in Q2 2024, with PSV < 900 vessels contributing $41.367 million[31] Fleet Utilization and Day Rates - Average day rate increased to $22,275 per day, up $1,145 from the prior quarter[1] - The average day rate in large PSV and anchor handler fleets showed sequential quarterly improvement[2] - Vessel operating margin for the three months ended September 30, 2024, was 47%, up from 45% in the same period in 2023[24] - Vessel operating margin for Q3 2024 was $159.831 million, slightly down from $160.490 million in Q2 2024[27] - Worldwide fleet total average vessel day rates increased to $22,275 in September 2024 from $17,865 in September 2023, a growth of 24.7%[40] - PSV > 900 worldwide average vessel day rates increased to $25,883 in September 2024 from $22,804 in September 2023, up by 13.5%[40] - AHTS > 16K worldwide average vessel day rates rose to $41,721 in September 2024 from $26,293 in September 2023, marking a 58.7% increase[40] - AHTS 8 - 16K worldwide average vessel day rates grew to $18,087 in September 2024 from $15,533 in September 2023, an increase of 16.4%[40] - AHTS 4 - 8K worldwide average vessel day rates increased to $11,990 in September 2024 from $9,368 in September 2023, up by 28.0%[40] Debt and Liabilities - Long-term debt decreased to $597.35 million as of September 30, 2024, from $631.36 million at the end of 2023[18] - Long-term debt decreased to $597.35 million in September 2024 from $607.99 million in June 2024[28] - Principal payments on long-term debt in Q3 2024 were $62.50 million, significantly higher than $14.01 million in Q2 2024[29] Stockholders' Equity and Assets - Total stockholders' equity increased to $1.12 billion in September 2024 from $1.08 billion in June 2024[28] - Accumulated deficit improved to ($541.19 million) in September 2024 from ($573.39 million) in June 2024[28] - Total assets decreased to $2.05 billion in September 2024 from $2.09 billion in June 2024[28] - Total equity increased to $1.11 billion in September 2024 from $1.08 billion in June 2024[28] Depreciation and Amortization - Depreciation and amortization expenses for the nine months ended September 30, 2024, totaled $178.15 million, compared to $121.16 million in the same period last year[17] - Depreciation expenses for Q3 2024 were $39.24 million, slightly lower than $39.38 million in Q2 2024[29] - Amortization of deferred drydocking and survey costs increased to $23.20 million in Q3 2024 from $20.07 million in Q2 2024[29] Foreign Exchange and Other Items - Foreign exchange gain for Q3 2024 was $5.522 million, compared to a loss of $2.376 million in Q2 2024[27] - Foreign exchange gains (losses) for Q3 2024 were $5,522, compared to $(2,376) in Q2 2024, $(4,085) in Q1 2024, $2,250 in Q4 2023, and $(2,149) in Q3 2023[50] Miscellaneous - Corporate expenses for the three months ended September 30, 2024, were $14.655 million, a 47% increase from $9.961 million in the same period in 2023[25] - General and administrative expenses for the three months ended September 30, 2024, included $3.7 million in stock-based compensation, up from $2.4 million in the same period in 2023[25] - Stock-based compensation expense in Q3 2024 was $3.57 million, slightly higher than $3.46 million in Q2 2024[29] - EBITDA for Q3 2024 includes non-cash stock-based compensation expense of $3,569, compared to $3,460 in Q2 2024, $2,766 in Q1 2024, $3,508 in Q4 2023, and $2,496 in Q3 2023[50]

Tidewater (NYSE: TDW ) is the largest Offshore Support Vessels (OSV) company in the market. Their fleet can be divided into two main segments, the Platform Supply Vessels (PSV) and the Anchor Handling Towing Supply Vessels (AHTS). The names are quite Oriol Madaula is an experienced actuary with a strong interest in value investing and a practical approach to the financial world. He holds a Master's degree in Actuarial and Financial Sciences from the University of Barcelona. With a background in the insuranc ...

Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "United States Offshore Support Vessels Market 2019- 2029" report has been added to ResearchAndMarkets.com's offering. The United States Offshore Support Vessels Market was valued at USD 4.76 Billion in 2023 and is predicted to experience robust growth in the forecast period with a CAGR of 2.65% through 2029. This market has experienced significant growth due to the increasing offshore drilling activities in the Gulf of Mexico and other strategic offshore regio ...

DOVER, Del., Aug. 30, 2024 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. ("Tidewater" or the "Company"), a wholly owned subsidiary of Middlesex Water Company (Nasdaq:MSEX) filed a request today with the Delaware Public Service Commission (PSC) for new rates in order to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of its water utility infrastructure assets. Since its last filin ...

Offshore oil rig drilling gas platform Kanoke_46/iStock via Getty Images Introduction This is an initiation article on Tidewater Inc. (NYSE:TDW), an offshore support vessel (OSV) owner and operator based out of Houston, TX, which has been operating since 1956 and since 1970 as a public company. OSVs provide a variety of services for offshore oil, gas, and wind operations. These ships are relatively small but mighty, featuring powerful engines, work capacity, and even towing capabilities. They carry vital pe ...

Igors Aleksejevs Note: Tidewater Inc. (NYSE:TDW) has been covered by me previously, so investors should view this article as an update to my earlier publications on the company. Last week, leading offshore service vessel provider Tidewater Inc., or "Tidewater," reported strong Q2/2024 results with both top- and bottom-line results exceeding consensus expectations: Tidewater - Key Financial Metrics | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------------------------------------- ...