Tidewater Inc. Presents at Cowen and Company 4(th) Annual Ultimate Energy Conference, Dec-03-2014 10:55 AM
Nov 20 14
Tidewater Inc. Presents at Cowen and Company 4(th) Annual Ultimate Energy Conference, Dec-03-2014 10:55 AM. Venue: The New York Hilton Midtown, New York, New York, United States. Speakers: Jeffrey M. Platt, Chief Executive Officer, President and Director, Joseph M. Bennett, Chief Investor Relations Officer and Executive Vice President.
Tidewater Inc. Elects Richard D. Paterson to its Board of Directors
Nov 17 14
Tidewater Inc. announced the election of Richard D. Paterson to its Board of Directors for a term beginning November 13, 2014 and expiring in July 2015. Richard D. Paterson is a certified public accountant who retired from PriceWaterhouseCoopers LLP (PwC), an international network of auditors, tax and business consultants, in 2011 after 37 years of service.
Tidewater Inc. Declares Quarterly Dividend on Common Stock, Payable on December 15, 2014
Nov 13 14
The board of directors of Tidewater Inc. declared on November 12, 2014, a quarterly cash dividend of $0.25 per share of common stock payable on December 15, 2014, to shareholders of record on December 5, 2014.
Tidewater Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2014; Provides Tax Rate Guidance for the Fiscal Year 2015; Provides Earnings Outlook for the Third Quarter Ending December 2014; Provides Revenue Guidance for the Fourth Quarter ending March 2015
Nov 3 14
Tidewater Inc. reported unaudited consolidated earnings results for the second quarter and six months ended September 30, 2014. For the quarter, the company reported revenues of $397,524,000 compared to $367,937,000 last year. Operating income was $84,723,000 compared to $76,565,000 last year. Earnings before income taxes were $81,892,000 compared to $69,839,000 last year. Net earnings were $60,825,000 compared to $54,172,000 last year. Net earnings attributable to the company were $60,907,000 or $1.22 per diluted share compared to $54,172,000 or $1.09 per diluted share last year. The higher rate for fiscal 2015, including a required catch-up provision, reduced EPS for the September quarter by approximately $0.03. Vessel revenue at $391 million was up about 7.5% year-over-year. CapEx was approximately $90 million, a portion of which was funded by asset dispositions, including 1 sale/lease transaction that was completed in the September quarter.
For the nine months, the company reported revenues of $783,201,000 compared to $702,022,000 last year. Operating income was $150,727,000 compared to $119,990,000 last year. Earnings before income taxes were $139,383,000 compared to $109,422,000 last year. Net earnings were $104,524,000 compared to $84,255,000 last year. Net earnings attributable to the company were $104,580,000 or $2.10 per diluted share compared to $84,255,000 or $1.70 per diluted share last year. Net cash provided by operating activities was $185,289,000 compared to $9,828,000 last year. Additions to properties and equipment were $128,411,000 compared to $220,309,000 last year.
The company reported that Vessel revenue for the third quarter ending December 2014 is likely be modestly lower than vessel revenue reported in the just completed September quarter with a quarter-over-quarter trend reflecting an increased level of scheduled drydocks and major repairs. The company reported that internal estimates currently paid the December quarter's vessel revenue somewhere between $370 million and $380 million. Combined, vessel lease and interest expense, should be in the plus or minus $20 million area. Effective tax rate is expected to be 25%. The company expects to fund approximately $123 million in the third quarter for CapEx.
The company reported that Vessel revenue for fourth quarter ending March 2015 is likely be modestly lower than vessel revenue reported in the second quarter with a quarter-over-quarter trend reflecting an increased level of scheduled drydocks and major repairs.
The company reported that it has adjusted its effective tax rate for fiscal 2015 from 24% to 25%. CapEx related to vessels and ROVs under construction for the remainder of fiscal 2015, is estimated at approximately $280 million.