Tidewater Q4 Trounces Estimates
Tidewater results for Q4 and fiscal 2013 have been released. For the quarter, revenues totaled $328 million, up from the $289 million in the same period the previous year. Net profit was significantly higher, at $46.6 million ($0.95 per diluted share) from Q4 2012's $33.6 million ($0.66).
For the most recent quarter, analysts had expected revenue of $318 million and EPS of $0.61.
For the full year, top line was $1.24 billion, which topped the 2012 figure of $1.07 billion. Net profit was notably more robust, at $150.8 million ($3.03 per diluted share) for the year against 2012's $87.4 million ($1.70).
In terms of operations, the company's average total vessel count of 265 was unchanged on a year-over-year basis in Q4 2013. Vessel utilization, however, increased to 69.4% from Q4 2012's 65.4%. Average day rates were also up, standing at $16,378 for the most recent quarter compared to $14,140 in the year-ago period.
The article Tidewater Q4 Trounces Estimates originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Tidewater, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.