Tidewater: Muted Near-Term Outlook, But Still Highly Profitable - Buy (Upgrade)
Adjusted for foreign exchange impact, Tidewater reported Q4 2024 and full-year results largely in line with management's most recent projections. Fourth quarter results benefited from an uptick in active fleet utilization. Key financial metrics like vessel operating margin and free cash flow increased to new multi-year highs. The company continues to return capital to equity holders in the form of share buybacks. For 2025, the BoD approved a new $90.3 million repurchase program.
Tidewater Inc. (TDW) Q4 2024 Earnings Call Transcript
Tidewater Inc. (NYSE:TDW ) Q4 2024 Earnings Conference Call February 28, 2025 9:00 AM ET Company Participants West Gotcher - VP, Finance and IR Quintin Kneen - President and CEO Piers Middleton - CCO Samuel Rubio - CFO Conference Call Participants Jim Rollyson - Raymond James Greg Lewis - BTIG David Smith - Pickering Energy Partners Fredrik Stene - Clarksons Securities Josh Jayne - Daniel Energy Partners Don Crist - Johnson Rice Operator Thank you for standing by. My name is Janine, and I will be your conference operator for today.
Tidewater (TDW) Q4 Earnings Meet Estimates
Tidewater (TDW) came out with quarterly earnings of $0.70 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.94 per share a year ago.
Tidewater: Solid And Sustainable Amid Crests And Troughs
Tidewater's strategic pricing, market penetration, and operational efficiency helps it sustain topline growth despite some headwinds. Its healthy Balance Sheet shows it's a very sustainable company. Underpricing is evident, as price ratios and DCF Model suggests attractive upside potential.
Tidewater: Offsetting Lower Utilization Rates With Higher Pricing
Tidewater owns and operates a fleet of 216 vessels primarily used by the offshore oil and gas industry. Tidewater is by far the largest player in the offshore service vessels (OSV) industry, especially after the acquisitions of Swire Pacific Offshore and Solstad Offshore. The order book in the OSV industry represents approximately 3.0% of the global fleet.
Tidewater: Weak Offshore Drilling Activity Impacts Near-Term Outlook - Hold
Leading offshore service vessel provider Tidewater reported weaker than expected Q3/2024 results, with both top- and bottom-line numbers coming in below consensus expectations. While revenue and profitability eclipsed previous multi-year highs, fleet utilization was disappointing. Management attributed the underperformance to a mix of project delays, higher-than-expected drydocking requirements, and increased customer caution.
Tidewater Inc. (TDW) Q3 2024 Earnings Call Transcript
Tidewater Inc. (NYSE:TDW ) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET Company Participants West Gotcher - VP, Finance and IR Quintin Kneen - President and CEO Piers Middleton - CCO Samuel Rubio - CFO Conference Call Participants Jim Rollyson - Raymond James David Smith - Pickering Energy Partners Greg Lewis - BTIG Don Crist - Johnson Rice James West - Evercore Fredrik Stene - Clarksons Securities Operator Thank you for standing by. My name is Novi, and I'll be your operator today.
Tidewater (TDW) Beats Q3 Earnings and Revenue Estimates
Tidewater (TDW) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.77 per share a year ago.
Tidewater: Best Shipping Sector Outlook With An Attractive Entry Price
The OSV outlook is one of the most interesting in the shipping industry. The order book is nearly zero, and there are only a few laid-up vessels available. After the recent sell-off, Tidewater is trading at interesting price levels. Due to volatile oil prices, next year could face more headwinds than before; however, the long-term outlook is promising.
Tidewater: Bullish Momentum Should Continue For This Energy/Shipping Play
Tidewater is the largest global OSV operator, making great cash flows in an industry with many tailwinds. It has become a top 5 position for me. Management has the company positioned and operating well and is committed to share buybacks / earnings-accretive strategies. Additionally, hedge funds are net short commodities for the first time since 2016! I think investors looking for unique energy / commodity exposure can accumulate here for upside. I rate TDW as a “Strong Buy” for a short- and long-term inflation play.
Tidewater: Decent Quarter But Lowered Outlook Disappoints
Leading offshore service vessel provider Tidewater Inc. reported strong Q2/2024 results, with both top and bottom line results exceeding expectations. Revenues of $339.2 million and Adjusted EBITDA of $139.7 million represented new multi-year highs. The company's average dayrate of $21,130 moved up by 32% year-over-year and 8% sequentially. Despite the company's strong second quarter results, management lowered full-year expectations due to several drilling campaigns having been pushed out from the third into the fourth quarter.
Tidewater Q2 2024 Earnings: Headwinds Are Temporary, But Outlook Remains Robust
Management anticipated longer drydock days in Q3 and several project commencements have been pushed to the right, leading to revised guidance. We believe these developments are temporary. The bull thesis remains in play given supportive market fundamentals. Markets underappreciate potential increases in day rates and utilization rates. We revised our fair value estimate on TDW from $125/share to $121/share (-3%), as smaller vessels with lower yields come into play.
