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Offshore vessel operator Tidewater (NYSE: TDW) will be reporting results this Monday after the bell. Here’s what you need to know.
Tidewater beat analysts’ revenue expectations last quarter, reporting revenues of $336.8 million, down 2.4% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.
This quarter, the market is expecting Tidewater’s revenue to decline 3.3% year on year, a reversal from the 3.8% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Tidewater rarely misses Wall Street’s revenue estimates.
Looking at Tidewater’s peers in the upstream & integrated segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Solaris Energy Infrastructure delivered year-on-year revenue growth of 55.3%, beating analysts’ expectations by 6.8%, and Weatherford reported a revenue decline of 3.4%, topping estimates by 0.6%. Solaris Energy Infrastructure traded up 5.4% following the results while Weatherford was also up 1.4%.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 4.1% on average over the last month. Tidewater is up 3% during the same time and is heading into earnings with an average analyst price target of $83.86 (compared to the current share price of $87.88).
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