Tidewater (TDW) Posts Q1 Loss of 32c/Share

Tidewater (NYSE: TDW) reported Q1 EPS of ($0.32), which may not compare with the analyst estimate of $0.22. Revenue for the quarter came in at $304.77 million versus the consensus estimate of $303.83 million.

Included in the net loss for the quarter ended June 30, 2015 were the following:

• $15.0 million ($14.0 million after-tax, or $0.30 per share) in non-cash asset impairment charges that is included in "Gain/loss on asset dispositions, net," and resulted from impairment reviews undertaken during the quarter, including write-offs of unreimbursed and/or potentially unrecoverable costs related to cancelled vessel construction contracts and a vessel construction project that is the subject of an on-going arbitration proceeding.
• $10.2 million ($9.5 million after-tax, or $0.20 per share) of total foreign exchange losses, $6.1 million of which is included in Equity in net earnings/(losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

For earnings history and earnings-related data on Tidewater (TDW) click here.

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