Offshore solutions largeTidewater Inc (NYSE: TDW) today reportedrevenue for the three-months finished December 31, 2018, of $110.2 million and also a bottom line for the exact same duration of $90.5 million (or $2.83 per usual share), and also income for the year finished December 31, 2018 of $406.5 million and also a matching bottom line of $171.5 million (or $6.45 per usual share).
Excluding particular fees– numerous associated prices related to the firm’s merging with GulfMark Offshore– bottom line for the three-months finished December 31, 2018 was $13.2 million (or $0.42 per usual share) and also bottom line for the year finished December 31, 2018 was $65.5 million (or $2.45 per usual share).
John T. Rynd, Tidewater’s President and also Chief Executive Officer, stated that the firm was “both cash flow positive from operating activities and cash flow positive from investing activities for the full year 2018.”
“Our team has made substantial progress implementing our merger integration plan,” statedRynd “Our operational shore based footprint has been rapidly reduced, with the closing of five overlapping facilities that included the consolidation of all corporate operations into the existing Tidewater headquarters in Houston.”
Rynd stated that on statement of the Gulfmark offer “we dedicated to bringing the mixed historic G&A run price of $145 million to $100 million on an annualized basis by the end of 2019. Based on the combination success we have actually attained so far and also added harmonies our team believe we can produce by taking the very best techniques of both firms, we are dedicated to minimizing that 2019 annualized departure run price additionally, to $90 million, and also we are remaining to seek added cost savings. I am additionally extremely delighted that the optimization of the mixed vessel fleet is proceeding well, with numerous energetic and also piled vessels locating step-by-step work at greater margins throughout the wider geographical impact serviced by Tidewater– running margin that might not have actually been recorded by either firm by itself.
“Our capital discipline focus, including fleet rationalization, working capital management, and disciplined investments in vessels, contributed significantly to our positive cash flow from operating and investing activities in 2018. We once again led our sector in selling stacked vessels out of the industry or to recycling yards in 2018. We will continue this commitment in 2019 and beyond to foster industry balance.”
