Wednesday, Tidewater Inc. (TDW), a provider of vessels and marine support services, reported a fall in first-quarter net earnings, hurt by charges related to the company's Venezuelan operations as well as lower revenues. The New Orleans, Louisiana-based company's net earnings for the quarter declined to $44.48 million or $0.86 per share from $84.78 million or $1.64 per share in the previous year. Results for the quarter include a non-cash charge of $48.6 million or after-tax $47.7 million or $0.93 per share related to the company's Venezuelan operations.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $1.80 per share for the quarter. Analysts' estimates typically exclude special items.
According to Tidewater, the company recorded a $3.8 million charge equal to the net book value of the assets seized owing to the seizure of 11 vessels and certain other assets during the quarter in Venezuela, pursuant to a May 2009 Venezuelan law as well as the continued non-payment of outstanding receivables from Petroleos de Venezuela, S.A., or PDVSA, and an affiliate of PDVSA. In addition, the company recorded a $44.8 million provision to fully reserve accounts receivable due from PDVSA-related entities. Revenues for the quarter decreased to $326.61 million from $340.05 million in the comparable quarter last year. Analysts expected the company to report revenues of $333.98 million for the quarter. Vessel revenues declined to $310.44 million from $328.37 million in the prior year. International Vessel revenues decreased to $285.99 million from $288.27 million a year ago. US Vessel revenues were $24.45 million, down from $40.1 million in the earlier year. Other marine revenues increased to $16.17 million from $11.68 million a year ago.
Vessel operating costs for the quarter decreased to $153.65 million from $176.73 million in the preceding year. Tidewater said it owns 403 vessels, serving the global offshore energy industry. TDW is currently trading at $45.10, down $2.63 or 5.51%, on a volume of 538 thousand shares.
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