Offshore support vessel operator Tidewater said second-quarter revenue rose 4.9% sequentially and was nearly flat year over year. Net income and EPS fell sharply from the prior year on higher operating costs.
Metric
Actual
Q2 Vessel Revenues
$339.73 mln
Q2 Net Income
$21.08 mln
Q2 Basic EPS
$0.44
Q2 Operating Income
$62.53 mln
Q2 Pretax Profit
$46.14 mln
Analyst coverage
The current average analyst rating on the shares is hold. The breakdown of recommendations is 5 strong buy or buy, 4 hold, and 1 sell or strong sell.
Wall Street's median 12-month price target for Tidewater Inc. is $88.00, about 17.2% above its July 31 closing price of $75.06. The stock recently traded at 16 times the next 12-month earnings, versus a P/E of 20 three months ago.
Day rate improvement - realized and contract day rates rose sequentially, driven mainly by its largest class of PSVs and across multiple regions.
Higher utilization - utilization exceeded expectations, largely because vessel drydocks were moved later in the year.
Conflict-related costs - operating costs remained elevated due to the Middle East conflict, though the company incurred less than anticipated and received some reimbursements.
Updated outlook and capital return
Tidewater now sees 2026 revenue between $1.42 billion and $1.47 billion and expects 2026 gross margin of 49% to 50%. The company also anticipates about $13.1 million in 2026 conflict-related costs, with $7.6 million billable to customers.
Tidewater said it maintains its $500 million share repurchase program.
TDW•
