Tidewater Earnings Surge

The offshore-supply outfit's earnings blow past analysts' estimates, but revenue comes up short.
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Tidewater (TDW) - Get Report said its fiscal second-quarter profit increased 26.77%.

The New Orleans-based provider of offshore supply vessels and marine support services earned $104.19 million, or $1.86 a share, in the quarter, compared with $82.19 million or $1.42 a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of $1.32 a share in the most recent quarter.

Second-quarter revenue rose 32.6% to $274 million as against analysts' expectations of $280.54 million.

Second-quarter operating income rose by 60% from a year ago to $149.46 million and operating margin increased 8.84% to 54.55%.

The company's stock was trading up 9 cents, or 1.92%, at $47.78 Wednesday.

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