NEW ORLEANS (AP) -- Tidewater Inc., which operates an offshore drilling fleet, said Wednesday that its net income climbed 34 percent in its fiscal first quarter on greater revenue from deepwater vessels.
Net income grew to $32.9 million, or 65 cents per share, from $24.6 million, or 48 cents per share. Revenue increased 16 percent to $294.4 million. Deepwater vessel revenue rose 33 percent and supply and towing vessel revenue grew 7 percent.
Analysts expected profit of 59 cents per share and $292.4 million in revenue, according to FactSet.
Tidewater reported gains from all regions outside the Americas. Revenue from Sub-Saharan Africa and Europe was up 15.5 percent to $128.3 million. Revenue from the Asia-Pacific region rose 46 percent to $51.7 million and revenue from the Middle East and North Africa picked up 25 percent to $32.5 million. Americas revenue fell 4 percent to $77.7 million as the company reported smaller decreases in deepwater and towing and supply vessel use as well as less revenue from other vessels.
Shares of Tidewater rose $1.35, or 2.8 percent, to $50.21 in afternoon trading.
