NEW ORLEANS — Tidewater Inc., a major vessel transportation provider for the offshore petroleum industry, said Monday that its fiscal fourth-quarter net income more than doubled as the year-ago period was weighed down by some charges.
The New Orleans company earned $33.6 million, or 66 cents per share, for the period ended March 31. That’s sharply higher than the $12 million, or 23 cents per share, a year earlier.
The prior-year period included a 12 cents per share charge related to a Nigerian settlement and a 6 cents per share impairment charge.
Analysts forecast earnings of 60 cents per share, according to a FactSet poll.
Revenue increased 14 percent to $289.4 million from $254 million, beating Wall Street’s estimate of $284.8 million.
For the year, Tidewater earned $87.4 million, or $1.70 per share. That’s down from $105.6 million, or $2.05 per share, in the previous year. Annual revenue rose 1 percent to $1.07 billion from $1.06 billion.
In April Tidewater announced that President and CEO, Dean Taylor, will retire on May 31 after 34 years with the company. He will be succeeded by Jeffrey Platt, who currently serves as chief operating officer. Taylor will remain on Tidewater’s board as non-executive chairman.