Tidewater Issues Earnings Guidance

Tuesday, October 16, 2007
Tidewater Inc. announced that fiscal second quarter financial results for the three months ended September 30, 2007, are estimated to be between $1.54 - $1.57 on a fully diluted per share basis. The Thomson First Call consensus estimate is currently $1.71 per share. The Company reported fully diluted earnings of $1.55 per share in the quarter ended June 30, 2007. September 2007 quarterly earnings are expected to reflect slightly higher vessel revenues and vessel operating costs and lower gains on asset sales when compared to results reported in the prior quarter. The estimated earnings include reduced vessel utilization related to higher levels of regulatory drydockings during the September 2007 quarter. The regulatory drydockings, several of which involved large deepwater vessels that enjoy high current dayrates, negatively impacted repair and maintenance expenses and, more importantly, negatively impacted vessel revenue for the quarter. While worldwide vessel revenues are expected to be slightly ahead of the prior quarter's total, the Company estimates the increased maintenance downtime negatively impacted the September 2007 quarter's revenue gain over the prior quarter by a net $6 million. Vessel operating expenses are expected to be approximately $4 million higher than in the previous quarter, $3.5 million of which relates to new vessels that were delivered to the fleet during the last few months. Worldwide vessel operating expenses are expected to be approximately $2.5 million (or 1.8%) greater than the top end of the prior guidance given by the Company on these costs of $136 - $140 million. Gains on asset sales are estimated to be approximately $2 million in the September 2007 quarter versus $6.9 million in the June 2007 quarter due to fewer vessel dispositions during the September 2007 quarter. The general business environment for vessels, especially in the international arena, remains strong, as reflected by an approximate 6% increase in average vessel dayrates during the September 2007 quarter for the company's fleet of approximately 220 international towing-supply/supply vessels.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Damen Unveils Multi-role Utility Vessel

Work is due to start shortly on the first of a new class of Damen utility vessel UV2410.   This multi-role platform is the result of extensive consultation with

Master Marine Delivers Z-drive Towboat to Marquette

Marquette Transportation Co. has taken delivery of a new 2,000-hp Z-drive towboat from Master Marine, Inc., Bayou La Batre, Ala.   The 78' x 34’ x11' vessel, St.

KOTUG Begins Operations in Mozambique

KOTUG Mozambique has begun exclusive port and terminal towage services with two Rotortugs in the new port of Nacala-a-Velha in northern Mozambique for Nacala Development Corridor (CDN),

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0693 sec (14 req/sec)