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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

Boatbuilding in China

While much of the focus on coverage of the Chinese shipbuilding industry is on big shipbuilding, Maritime Reporter switches gears this month to explore activities in select boatbuilding sectors.

Ingram Barge’s Sehrt Elected AWO Chairman

The members of the American Waterways Operators (AWO), the national trade association representing the tugboat, towboat and barge industry, elected a new slate

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Repair Ship Simulators Sonar 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: 0.1617 sec (6 req/sec)