Wednesday, offshore energy service provider Tidewater Inc. (TDW) posted a sharp growth in its fourth-quarter profit, reflecting a solid growth in vessel revenues, and lower costs and expenses.
The New Orleans, Louisiana-based company's fourth-quarter net income was $109.7 million or $2.13 per share, compared to $85.4 million or $1.63 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.98 per share. Analysts' estimates typically exclude special items.
Quarterly revenues amounted to $341.6 million, up from the previous year's revenue of $331.4 million, but fell shy of eight Wall Street analysts' consensus revenue estimate of $348.74 million.
Total vessel revenues for the latest quarter totaled $334.1 million, compared to $314.2 million in the same quarter of last year. Vessel operating income grew to $129.4 million from $104.8 million reported in the previous year.
Other marine services revenues fell to $7.48 million from $17.2 million in the corresponding quarter of last year. Operating income from other marine services declined to $1.09 million from $2.57 million in the prior year quarter.
For fiscal 2009, the company fetched net income of $406.9 million or $7.89 per share, compared to $348.8 million or $6.39 per share in the prior year. Analysts expected earnings of $7.67 per share for the year.
Annual revenues for fiscal 2009 advanced to $1.39 billion from $1.27 billion reported in the previous year. Wall Street analysts had a consensus revenue estimate of $1.41 billion for fiscal 2009.
Among Tidewater's rivals, Seacor Holdings Inc. (CKH) posted first-quarter net income attributable to stockholders of $53.0 million or $2.36 per share, up from $36.6 million or $1.50 per share in the same quarter a year ago, fueled by an increase in revenues as well as an increase in gains on asset disposition and impairments. Operating revenues rose to $399.5 million from $354.5 million in the previous year.
Tidewater shares, which have been trading between $31.09 and $71.34 in the past 52 weeks, closed Tuesday's trading session at $46.26.
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