The following is a summary of the Tidewater Inc. (TDW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Tidewater reported Q1 2024 revenue of $321.2 million, an increase of 6.1% from the previous quarter.

• The average day rates increased by 8.3% to $19,563 per day in Q1 2024.

• The quarter's gross margin improved from 47.2% in Q4 2023 to 47.5%.

• Operating income increased to $81.9 million from $63.1 million in Q4 2023.

• Tidewater recorded a net income of $47 million or $0.89 per share.

• The company witnessed a boost in free cash flow to $69.4 million, an increment of $8.4 million from Q4 2023.

• Continuing with its share buyback plan, Tidewater repurchased shares worth $3.5 million in Q1 2024 and an additional $12.5 million after quarter's end.

Business Progress:

• Tidewater's business performance exceeded expectations in Q1 2024, with notable improvements in both day rate and utilization.

• There was a surge in day rates across vessel classes, particularly in large class of anchor handlers.

• The company executed a share repurchase program worth $16 million during and subsequent to Q1.

• Regional activities in the Americas, Asia Pacific, Middle East, Europe & Mediterranean, West Africa have been strong with room for improvement envisioned in business year extension.

• Tidewater's backlog is currently estimated to contribute towards $930 million of revenue for the rest of 2024.

• For the remainder of 2024, the focus will be on free cash flow generation and profitability, with the possibility of exploring acquisitions amid share repurchases.

• The company plans to continue its strategic investment in drydocks, initiated in Q1, into Q2 preparing for busier seasons.

More details: Tidewater IR

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