Tidewater Inc., which provides water transportation for the offshore energy industry, posted a slight increase in fiscal second-quarter earnings only because of the favorable resolution of tax litigation. Although vessel revenue is off from a year ago during slower times in the energy business, Tidewater’s head told investment analysts that the company is moving ahead rapidly with the modernization of its fleet — currently standing at 398 vessels. For the July-through-September period, New Orleans-based Tidewater earned $98.2 million, or $1.90 per share, on revenue of $295.5 million. In the year-ago second quarter, the company had a profit of $95.4 million or $1.85 per share, on revenue of $346.8 million.
Tidewater has slight gain in fiscal 2Q earnings
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
