13 May 2009

TDW: Earnings Announcement - March 2009

Tidewater (NYSE: TDW) earned $2.13 per share in the quarter that ended on 31 March 2009, up from $1.63 last year.  We had estimated earnings of $2.02.

This quarter concluded the company's fiscal 2009.

New Orleans CityBusiness reported yesterday that Tidewater boats have been seized by Venezuela's state oil company.

Although Revenue was less than we expected, Operating Costs were down even more.  We will post a thorough evaluation soon.

The spreadsheet below compares the actual results to our Income Statement model of Tidewater.  Please note that our arrangement of data may differ in material respects from the company's presentation.


Full disclosure: Long TDW at time of writing.

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