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.

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