Thursday, New Orleans, Louisiana-based offshore vessels supplier and marine support services company Tidewater Inc. (TDW) posted a higher second-quarter profit, beating analysts' estimate, helped by a tax benefit and lower vessel operating costs, despite a decline in revenue.
Second-quarter net earnings rose to $98.18 million or $1.90 per share from $95.43 million or $1.85 per share for the prior year period. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share for the quarter.
Tidewater said a $34.3 million, or $0.66 per share, tax benefit resulting from a favorable resolution of tax litigation is included in the recent quarter.
Revenues for the quarter declined to $295.52 million from $346.83 million in the comparable period last year. Eight analysts estimated revenues of $308.86 million for the quarter.
Total vessel revenues for the second quarter were $294.56 million compared with $344.64 million last year. International vessel revenues for the second quarter were $271.89 million compared with $304.64 million, while the U.S. vessel revenues were $22.67 million compared with $40.0 million a year ago. Other marine revenues declined to $961 thousand from $2.19 million a year ago.
Second-quarter vessel operating costs decreased to $157.53 million from $175.37 million for the year-ago period. General and administrative expenses increased to $37.69 million from $35.32 million for the prior-year period.
Depreciation and amortization charges increased to $32.26 million from $30.66 million year-on-year. The recent quarter included a $517 thousand provision for Venezuelan operations, the company said.
During the quarter, Tidewater also recorded a foreign exchange loss of $2.25 million compared with a gain of $2.49 million last year.
Six-months net earnings were $142.67 million or $2.77 per share, compared with $180.21 million or $3.49 per share for the same period last year. Revenues declined to $622.13 million from $686.88 million in the comparable period a year ago.
TDW is trading up 1.33% at $43.58 on the NYSE.
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