Tidewater Q3 EPS of $0.35 Misses Estimates as Revenue Rises

Tidewater reported third-quarter EPS of $0.35 on Monday, missing the $0.72 consensus estimate by $0.37. Revenue told a different story: $360.42 million beat the $358.77 million consensus by $1.65 million and rose 5.7% from a year earlier. FiscalAI reported a net margin of 18.34%, return on equity of 5.36% and prior-year quarterly EPS of negative $0.02.

What did the quarter show?

Revenue growth and higher day rates supported cash generation. Operating cash flow rose 37.4% to $75.2 million, and average day rates increased sequentially to $23,775.

Profit remained the sticking point. Analysts’ revenue expectations were not uniform: Tidewater’s $360.4 million sales topped one $358.8 million consensus but fell below another $366.5 million estimate.

EPS of $0.35 missed expectations sources put at roughly $0.64 to $0.72. A separate account said $0.35 was below $0.53 a year earlier, while the quarterly summary put prior-year EPS at negative $0.02. Higher costs and lower operating profit added to concerns about earnings quality.

Takeaway: Sales and cash flow advanced, but costs kept quarterly earnings below estimates.

What did management forecast for 2027?

The outlook reached further out. Management forecast 2027 revenue of $1.70 billion to $1.75 billion and margins of 51% to 53%. Tidewater also repurchased about $25 million of shares since its previous earnings release and had $475 million remaining under its authorization.

That revenue range sets a clear benchmark for the next annual cycle, while the remaining authorization preserves capacity for further share repurchases.

Takeaway: Management set a $1.70 billion-to-$1.75 billion revenue range for 2027 and retained $475 million of buyback capacity.

Where did Tidewater’s share price stand?

Tidewater opened at $70.97 on Tuesday. Its one-year low was $49.54 and its one-year high was $101.57. The 50-day moving average stood at $84.91, compared with $79.59 for the 200-day average, leaving Tuesday’s opening price below both measures.

Tidewater carried a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. Market capitalization stood at $3.53 billion, the P/E ratio at 14.37 and beta at 0.63.

Takeaway: Current and quick ratios exceeded 3, while Tuesday’s opening price sat below both moving averages.

What do analysts make of Tidewater?

Weiss Ratings downgraded Tidewater from a “buy (b-)” rating to a “hold (c+)” rating in a Wednesday, November 4 report. Barclays raised its price target from $86.00 to $91.00 and assigned an “equal weight” rating in a Thursday, August 13 report. BTIG Research reaffirmed a “buy” rating and set a $120.00 price objective in a Friday, October 9 report.

One equities research analyst assigned a Strong Buy rating, three assigned Buy ratings and five assigned Hold ratings. MarketBeat.com data showed an average rating of “Moderate Buy” and an average price target of $98.25.

Takeaway: Published ratings were split between Buy and Hold, while the cited price targets ranged from $91.00 to $120.00.

Who sold Tidewater shares?

Ownership moved lower. Over the last quarter, insiders sold 42,705 shares valued at $4,097,270, and insiders currently own 5.90% of the stock.

EVP Samuel R. Rubio sold 17,705 shares at an average price of $91.56 on Wednesday, August 12. The transaction totaled $1,621,069.80. Rubio then owned 33,214 shares valued at $3,041,073.84, a 34.77% decrease in his ownership. An SEC filing disclosed the sale.

Director Kenneth Traub sold 10,000 shares at an average price of $99.00 on Wednesday, September 2, in a $990,000.00 transaction. After the sale, Traub directly owned 63,521 shares worth approximately $6,288,579, a 13.60% reduction. An official SEC disclosure detailed the transaction.

Takeaway: The two disclosed sales reduced reported holdings by 34.77% and 13.60%, while insiders retained 5.90% of the stock.

What business supports the numbers?

The fleet sits at the center of the business. Tidewater provides offshore support vessels and related marine services to the energy industry. Its vessels transport personnel, equipment and supplies between shore bases and offshore facilities, supporting anchor handling, towing, platform operations and offshore construction.

The fleet includes platform supply vessels, anchor-handling tug supply vessels, crew boats and other specialized vessels. Customers use Tidewater’s services in offshore exploration, development and production, as well as certain renewable-energy and subsea projects. Founded in 1956, the company operates across the Americas, Africa, the Middle East, Europe and Asia-Pacific.

Takeaway: Tidewater remains an international offshore-vessel operator serving energy work across several regions.