Tidewater (TDW) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Tue, May 5, 2026 astatine 9:28 AM CDT 37 min read

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DATE

Tuesday, May 5, 2026 astatine 9 a.m. ET

CALL PARTICIPANTS

• President & Chief Executive Officer — Quintin V. Kneen

• Chief Financial Officer — Samuel R. Rubio

• Chief Operating Officer — Piers Middleton

• Senior Vice President, General Counsel & Secretary — West Gotcher

Full Conference Call Transcript

West Gotcher: Thank you, Mel. Good morning, everyone, and invited to Tidewater Inc.’s First Quarter 2026 Earnings Conference Call. I americium joined connected the telephone this greeting by our President and CEO, Quintin V. Kneen; our Chief Financial Officer, Samuel R. Rubio; and our Chief Operating Officer, Piers Middleton. During today’s call, we volition marque definite statements that are forward-looking and notation to our plans and expectations. There are risks, uncertainties, and different factors that whitethorn origin the company’s existent show to beryllium materially antithetic from that stated oregon implied by immoderate comments that we are making during today’s league call. Please notation to our astir caller Form 10-Ks and Form 10-Q for further details connected these factors.

These documents are disposable connected our website astatine tdw.com oregon done the SEC astatine sec.gov. Information presented connected this telephone speaks lone arsenic of today, 05/05/2026. Therefore, you are advised that immoderate time-sensitive accusation whitethorn nary longer beryllium close astatine the clip of immoderate replay. Also during the call, we volition contiguous some GAAP and non-GAAP fiscal measures. Reconciliations of GAAP to non-GAAP fiscal measures tin beryllium recovered successful our net release, located connected our website astatine tdw.com. I volition present crook the telephone implicit to Quintin.

Quintin V. Kneen: Thank you, West. Good morning, and invited to Tidewater Inc.’s First Quarter 2026 Earnings Conference Call. I volition commencement the telephone contiguous with the quarter’s highlights and past speech astir superior allocation and what we are seeing connected vas proviso and demand. West volition locomotion done our fiscal outlook and what we are reasoning astir for 2026 guidance. Piers volition screen the planetary marketplace and operations, and Sam volition adjacent with the consolidated fiscal results. Each of america volition interaction connected the interaction from Operation Epic Fury. Starting with the archetypal quarter, gross and gross borderline were some up of what we expected. Revenue was $326.2 million, driven chiefly by higher utilization and stronger time rates.

Gross borderline was conscionable nether 49%, up somewhat 4th implicit 4th and implicit 3 percent points supra our interior plan. Utilization benefited from beardown uptime with little downtime for repairs and less dry-dock days than we expected. Overall, I americium truly pleased with the operational execution and with the returns we are seeing from the fleet investments we person made implicit the past fewer years. Before I get into much item connected the financials, I privation to interaction connected Operation Epic Fury, what it meant for the quarter, and what we are watching going forward.