Tidewater Posts Mixed Results

Tidewater shares fell to a new record low Wednesday morning after the provider of offshore service vessels late Tuesday reported mixed fiscal Q3 results. Shares were 22% lower in recent morning trade, within a new 52-week range of $1.33 – $11.58.

Net loss for the quarter was $6.32 per share, compared to a net loss of $0.42 per share in the prior year period. Results for the quarter were impacted a $253.4 million in non-cash asset impairment charges, offset by foreign exchange gains. Excluding these items, net loss would have been $1 per share. Capital IQ provided a Street estimate of $1.22 loss per share. Revenues were $129.2 million, up from $218.2 million reported for the same period last year but fell short of the $131.2 million Street estimate.

By DR Staff Writer