It’s been a long ride down for shareholders of Tidewater, Inc. (NYSE:TDW) from over $52 a share in July 2014 to a low of 66 cents last month. The stock is getting a reprieve from the beatdown on Tuesday to actually make it one of the top performing NYSE-listed companies at the lunch hour.
In fact, shares of TDW look positioned to close over their 50-day moving average for the first time since January 11.
Three weeks ago, Tidewater disclosed filing voluntary petitions seeking relief and reorganization under Chapter 11 bankruptcy rules.
With the bankruptcy in motion, the provider of larger Offshore Service Vessels to the global energy industry said it will not be hosting a shareholder call discussing the fiscal year ended March 31, 2017.
Shares have been energized, though, despite a worse-than-expected net loss for the fourth quarter of fiscal 2017. Tidewater reported a Q4 net loss of $94.9 million, or $2.01 per share, compared to expectations for a net loss of $1.29 per share. In the year-prior quarter, TDW had a net loss of $0.69 per share.
On the other hand, revenue crushed expectations. Q4 revenue came in at $160.7 million, easily beating predictions for $118.75 million. In Q4 fiscal 2016, the company posted revenue of $184.17 million.
For the full fiscal year, net loss was $660.1 million, or $14.02 per share, on revenues of $601.6 million. Again, the net loss was much worse than expected ($4.34 expected), while revenues topped predictions ($561.07 million).
All things considered, shares of TDW are ahead 10 cents each, or 12.5%, to 90 cents.
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