Tidewater 2Q Profit Rises On One-time Tax Gain
Stock quotes in this article:
TDW
NEW ORLEANS (AP) Offshore energy supply company Tidewater Inc. said Thursday its second-quarter profit rose, even as sales fell, because of a huge one-time tax benefit.
The company, based in New Orleans, earned $98.2 million, or $1.90 per share, in the quarter that ended Sept. 30. That is up from the $95.4 million, or $1.85 per share, it earned a year earlier. Tidewater said the quarter's results included a $34.3 million benefit from a tax settlement that boosted results by 66 cents per share. Excluding the benefit, the company earned $1.24 per share. That undershot expectations of analysts surveyed by Thomson Reuters, who typically exclude items, for profit of $1.37 per share. Revenue fell almost 15 percent to $295.5 million from $344.8 million. Analysts had expected $308.9 million. Shares rose 72 cents to $43.73 in early afternoon trading.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
Connect with TheStreet
 |
 |
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,366.15 | 1,099.92 | 2,173.14 | 33.80 |
Oil *
77.73
|
|
DOWN
86.53
|
DOWN
9.32
|
DOWN
11.89
|
UP
0.57
|
10 Yr
3.38%
SPDR Gold
118.70
|
|
-0.83%
|
-0.84%
|
-0.54%
|
+1.72%
|
Data delayed 20 minutes |
