Tidewater 4Q Profit Up on Vessel Demand

According to the AP, Tidewater Inc., which operates a fleet of vessels that service offshore oil drillers, on Wednesday posted sharply higher profit in the fiscal fourth quarter on growing demand for its services. In the quarter ended March 31, earnings rose to $64.7 million, or $1.11 per share, from $52.4 million, or 91 cents per share, in the year-earlier period. Revenue rose to $246.5 million from $179.6 million a year ago. On average, analysts polled by Thomson Financial expected earnings of $1.09 per share on sales of $238.8 million. Tidewater saw its vessel revenue balloon year over year, with 73 percent growth in domestic markets and 27 percent growth internationally. For the full year, earnings increased to $235.8 million, or $4.07 per share, from $101.3 million, or $1.78 per share, in the year-earlier period. Revenue grew to $877.6 million from $692.2 million. Tidewater shares gained 18 cents to $62.50 in premarket activity. Source: AP