New Orleans-based Tidewater Inc. said earnings for the three months ending June 30 jumped to $43.7 million, or 88 cents per share, compared to $30.1 million, or 61 cents per share, a year ago.
The offshore service vessel company’s fiscal year begins April 1. First-quarter revenue swelled to $385.7 million, compared to $334.1 million a year ago.
Revenue for vessels in the Americas jumped 33 percent to $120 million, with almost all of the increase attributable to the deepwater fleet. Meanwhile, vessel revenue in the Middle East and North Africa increased nearly 35 percent to $55.5 million, with the bulk of the increase due to towing-supply vessels.
Despite the improved results, Tidewater’s profit fell short of Wall Street analysts’ expectations. Stock analysts surveyed by Thomson Reuters forecast earnings of 92 cents per share on revenue of $382.1 million.