Tidewater Inc. (NYSE: TDW) saw its stock price surge 5.83% in Monday's trading session following the release of its impressive second-quarter results and the announcement of a substantial share repurchase program. The offshore service vessels provider significantly outperformed analysts' expectations, demonstrating robust financial performance and commitment to shareholder value.
The company reported quarterly earnings of $1.46 per share, dramatically surpassing the analyst consensus estimate of $0.54 by 171.38%. This represents a 55.32% increase from the $0.94 per share reported in the same period last year. Tidewater's revenue for the quarter came in at $341.40 million, beating the analyst consensus estimate of $322.18 million by 5.96%. The strong performance was attributed to improved vessel up-time and higher day rates, which increased by 9.6% to $23,166.
Adding to investor optimism, Tidewater's Board of Directors authorized a new $500 million share repurchase program, signaling confidence in the company's financial position and future prospects. The company also reiterated its 2025 revenue guidance of $1.32 billion to $1.38 billion, with a gross margin guidance of 48% to 50%. These factors, combined with the strong quarterly results, likely contributed to the significant stock price movement as investors reacted positively to the news.
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