In a press release, Tidewater (TDW) announced it earned between $1.54 and $1.57 per share in the quarter just concluded. Our prediction had been $1.63 per share. The company noted that the Thomson First Call consensus estimate was $1.71.
The company attributes the shortfall to higher levels of regulatory dry-dockings, which both dampens revenue growth and increases operating costs. In addition, fewer vessels were sold at a profit during the quarter, compared to the previous quarter.
We will provide a more detailed analysis when Tidewater releases an earnings report on 26 October.
16 October 2007
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