Quarterly ResultMay 4, 2026, 04:28 PM
Tidewater Q1 Net Income $6.14M, Revenue $326.22M; EPS $0.12
AI Summary
Tidewater Inc. reported a significant decrease in net income and revenue for the first quarter of 2026 compared to the prior year. Net income attributable to Tidewater Inc. fell to $6.14 million, with basic EPS at $0.12. Total revenue also decreased to $326.22 million. The company also noted a revision to its previously issued cash flow statements for 2025 and provided updates on its legal proceedings in Venezuela and recent vessel transactions.
Key Highlights
- Net income attributable to Tidewater Inc. was $6.14 million, down 85.6% from $42.65 million in Q1 2025.
- Basic income per common share was $0.12, a decrease from $0.83 in Q1 2025.
- Total revenue for Q1 2026 was $326.22 million, a 2.16% decrease from $333.44 million in Q1 2025.
- Operating income decreased by 21.4% to $58.98 million from $75.05 million in Q1 2025.
- Net cash provided by operating activities was $19.18 million, significantly down from $80.41 million in Q1 2025.
- No shares were repurchased in Q1 2026 under the $500.0 million share repurchase program.
- Exercised option to purchase two leased vessels in Q1 2026; sold two vessels for $3.3 million proceeds.
- Venezuelan judgment value was approximately $84.8 million as of March 31, 2026, unrecorded due to uncertainty.