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Tidewater (TDW) Misses Q2 EPS by 2c, Revenues Beat

August 13, 2018 4:29 PM

Tidewater (NYSE: TDW) reported Q2 EPS of ($0.44), $0.02 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $105.6 million versus the consensus estimate of $102.1 million.

John Rynd, Tidewater President and Chief Executive Officer commented, "Our results for the second quarter reflect strong execution by our team and a modest improvement in the overall market. As expected, utilization, vessel revenues and vessel operating margin recovered relative to reported results in the first quarter, and average day rates were generally stable quarter-to-quarter. Our focus for the remainder of the year will be on maintaining our global commitment to safe operations and high quality, cost efficient customer service. In addition, we are executing our business plan in regards to cash flow and other financial targets. We will also continue to work with the team at GulfMark to develop integration plans that will allow us to quickly and fully realize identified cost and operational synergies and to best position the combined company for future organic and other growth opportunities. As previously disclosed, we expect to close the GulfMark transaction during the fourth quarter. We continue to believe that the combination of Tidewater and GulfMark creates clear and compelling value for stakeholders of both companies. There are no financing contingencies associated with the proposed Tidewater/GulfMark merger and we are committed to completing the transaction."

For earnings history and earnings-related data on Tidewater (TDW) click here.

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Earnings Management Comments