Tidewater(US:TDW)2025-11-10 21:36Financial Performance - Revenue for Q3 2025 was $341.1 million, a 0.2% increase compared to Q3 2024's $340.4 million[3] - Net income for Q3 2025 was a loss of $0.8 million ($0.02 per share), compared to a net income of $46.4 million ($0.87 per share) in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $137.9 million, with free cash flow of $82.7 million[4] - Full-year 2025 revenue guidance is narrowed to $1.33 to $1.35 billion, with margin guidance of 49% to 50%[5] - Initiating 2026 revenue guidance of $1.32 to $1.37 billion and margin guidance of 48% to 50%[7] - Net cash provided by operating activities for Q3 2025 was $72.1 million[6] - The company experienced a $27.1 million loss on early extinguishment of debt due to refinancing in July 2025[6] - 99% of the full-year revenue guidance for 2025 is covered by completed and contracted revenue[5] - Total revenues for Q3 2025 reached $341.1 million, a slight increase from $340.4 million in Q3 2024[21] - Net income attributable to Tidewater Inc. for the nine months ended September 30, 2025, was $114.8 million, down from $143.8 million in the same period of 2024[21] - Operating income for the nine months ended September 30, 2025, was $218.6 million, compared to $230.0 million in 2024, reflecting a decrease of approximately 5.5%[21] - Total comprehensive income for the nine months ended September 30, 2025, was $115.838 million, compared to $141.979 million for the same period in 2024[25] Cash and Assets - Cash and cash equivalents increased to $428.2 million as of September 30, 2025, up from $324.9 million at the end of 2024[22] - Total assets grew to $2.13 billion as of September 30, 2025, compared to $2.07 billion at the end of 2024[22] - Total stockholders' equity increased to $1.14 billion as of September 30, 2025, compared to $1.11 billion at the end of 2024[22] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $226.1 million, compared to $182.4 million in 2024, representing a 24% increase[24] - The company incurred $650 million in long-term debt issuance during the nine months ended September 30, 2025[24] Vessel Revenues and Costs - Vessel revenues were $338.5 million in Q3 2025, compared to $338.5 million in Q3 2024, indicating stable performance[21] - Total vessel revenues for Q3 2025 reached $338.491 million, a slight increase from $338.485 million in Q3 2024[26] - Vessel operating costs for Q3 2025 were $176.130 million, representing 52% of total vessel revenues, compared to 53% in Q3 2024[26] - Operating income for Q3 2025 was $62.651 million, accounting for 18% of total revenues, down from 21% in Q3 2024[27] - The company reported a vessel operating margin of 48% in Q3 2025, slightly up from 47% in Q3 2024[26] - Crew costs for Q3 2025 were $105.529 million, making up 31% of total vessel operating costs, compared to 32% in Q3 2024[26] - The company incurred corporate expenses of $21.047 million in Q3 2025, which is 6% of total revenues, compared to 4% in Q3 2024[27] Fleet Performance - The total active vessels in the worldwide fleet decreased to 206 in September 2025 from 210 in June 2025, reflecting a reduction of approximately 1.9%[32] - The Americas fleet's available days increased to 3,177 in September 2025, up from 3,074 in June 2025, representing a growth of about 3.4%[33] - The total number of stacked vessels worldwide increased to 7 in September 2025, compared to 6 in June 2025, indicating a rise of approximately 16.7%[32] - The West Africa fleet's total active vessels decreased to 60 in September 2025 from 65 in June 2025, a decline of about 7.7%[32] - The total available days for the West Africa fleet decreased to 6,001 in September 2025 from 6,250 in June 2025, a drop of approximately 4.0%[33] - The total number of active vessels in the Middle East fleet remained stable at 43 for the last four quarters, indicating consistent fleet utilization[32] - The total number of active vessels in the Asia Pacific fleet remained constant at 20 for the last four quarters, indicating stable operations in that region[32] Utilization and Day Rates - The total fleet utilization rate improved to 75.8% in September 2025 compared to 76.2% in September 2024, indicating a slight decline[36] - The Americas fleet's PSV > 900 utilization rate was 83.6% in September 2025, up from 80.3% in September 2024[36] - The Asia Pacific fleet's total utilization rate increased to 74.5% in September 2025 from 73.8% in September 2024[36] - The Middle East fleet's PSV > 900 utilization rate was 82.6% in September 2025, significantly higher than 100.0% in September 2024[36] - The Europe/Mediterranean fleet's total utilization rate was 87.5% in September 2025, compared to 83.9% in September 2024[36] - The West Africa fleet's total utilization rate decreased to 62.3% in September 2025 from 69.2% in September 2024[36] - Average vessel day rates for the Americas fleet rose to $30,487 in September 2025, compared to $27,676 in September 2024, reflecting a year-over-year increase of 10.0%[38] - Average vessel day rates for the Asia Pacific fleet reached $39,196 in September 2025, an increase from $40,419 in September 2024[38] - Average vessel day rates for the Middle East fleet increased to $13,228 in September 2025, compared to $11,661 in September 2024, marking a significant rise of 13.4%[38] - Average vessel day rates for the Europe/Mediterranean fleet were $20,752 in September 2025, compared to $21,484 in September 2024[38] - Average vessel day rates for the West Africa fleet decreased to $21,940 in September 2025 from $22,044 in September 2024[38]