Tidewater Inc., which operates a major fleet of vessels servicing the offshore energy industry, on Wednesday forecast first-quarter results that were below Wall Street estimates.
Tidewater said it expects a profit of 75 cents to 80 cents per share in the quarter ended June 30, on about $262 million in vessel revenue. On average, Thomson Reuters says analysts expect a profit of 95 cents per share and $273.5 million in total revenue.
In the first quarter of fiscal 2010, Tidewater reported a profit of 86 cents per share and $326.6 million in total revenue. The result included $310.4 million in vessel revenue and $16.2 million in other revenue.
The company said vessel revenue in the latest quarter increased slightly compared to the fiscal fourth quarter because there was one extra day in the most first quarter. Vessel operating costs rose because of greater repair and maintenance costs. It said those costs will total about $155 million, compared to $145.9 million in the fourth quarter.
Vessel operating costs were $153.7 million in the first quarter of fiscal 2010.
Tidewater plans to report its fiscal first-quarter results before the market opens on Aug. 5. In afternoon trading, its shares slipped 91 cents, or 2.2 percent, to $40.21.
Tidewater said it expects a profit of 75 cents to 80 cents per share in the quarter ended June 30, on about $262 million in vessel revenue. On average, Thomson Reuters says analysts expect a profit of 95 cents per share and $273.5 million in total revenue.
In the first quarter of fiscal 2010, Tidewater reported a profit of 86 cents per share and $326.6 million in total revenue. The result included $310.4 million in vessel revenue and $16.2 million in other revenue.
The company said vessel revenue in the latest quarter increased slightly compared to the fiscal fourth quarter because there was one extra day in the most first quarter. Vessel operating costs rose because of greater repair and maintenance costs. It said those costs will total about $155 million, compared to $145.9 million in the fourth quarter.
Vessel operating costs were $153.7 million in the first quarter of fiscal 2010.
Tidewater plans to report its fiscal first-quarter results before the market opens on Aug. 5. In afternoon trading, its shares slipped 91 cents, or 2.2 percent, to $40.21.