Tidewater (TDW) Posts Q4 Loss of 19c/Share

Tidewater (NYSE: TDW) reported Q4 EPS of ($0.19), which may not compare with the analyst estimate of $0.57. Revenue for the quarter came in at $324.8 million versus the consensus estimate of $362.85 million.

Included in the March 31, 2015 quarterly results are charges resulting from cost reduction initiatives related to a more challenging business environment since the precipitous decline in crude oil prices that began in the second half of fiscal 2015, as well as period end asset impairment reviews and assessment of realization of deferred tax assets:

• A $4.1 million ($3.3 million after-tax, or $0.07 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the quarter.
• $6.4 million ($5.1 million after-tax, or $0.11 per share) of total charges related to stacked vessel and other asset impairment reviews undertaken during the quarter, which is included in "Gains on asset dispositions, net".
• A $23.8 million ($23.8 million after-tax, or $0.51 per share) non-cash adjustment related to the valuation of deferred tax assets.

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

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