According to the AP, Tidewater Inc. (TDW)
, 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.