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

Workboats

Towing Vessel Sinks off Oahu

A 95-foot towing vessel, Nalani, sank approximately two and half miles west of Barbers Point Harbor, Oahu, Thursday, the U.S. (USCG) Coast Guard reported. The 11

US Boating On High Speed Recovery

Nearly 89 million Americans went boating last year, one of the largest boating participation figures on record. And the boat sales last year increased to $37 billion,

Lindner Sees Strong 2015

On the last day of what proved to be a busy Workboat show in New Orleans, Mikael Lindner, President, Scania North America, sat with Maritime Reporter & Engineering

Finance

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

Obama, Modi Aim High on India Trip

In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2023 sec (5 req/sec)