Tidewater Inc. (NYSE:TDW) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET

Company Participants

West Gotcher - VP, Finance and IR
Quintin Kneen - President and CEO
Piers Middleton - CCO
Samuel Rubio - CFO

Conference Call Participants

Jim Rollyson - Raymond James
David Smith - Pickering Energy Partners
Greg Lewis - BTIG
Don Crist - Johnson Rice
James West - Evercore
Fredrik Stene - Clarksons Securities

Operator

Thank you for standing by. My name is Novi, and I'll be your operator today. At this time, I'd like to welcome everyone to the Tidewater Q3 2024 Earnings Call. All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the call over to West Gotcher, Senior Vice President of Strategy, Corporate Development and Investor Relations. You may begin.

West Gotcher

Thank you, Novi. Good morning everyone and welcome to Tidewater's third quarter 2024 earnings conference call. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; and our Chief Commercial Officer, Piers Middleton.

During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations. There are risks and uncertainties and other factors that may cause the company's actual performance to be materially different from that stated or implied by any comment that we are making during today's conference call.

Please refer to our most recent Form 10-K and Form 10-Q for additional details on these factors. These documents are available on our website at tdw.com or through the SEC at sec.gov.

Information presented on this call speaks only as of today, November 8th, 2024. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay. Also, during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release located on our website at tdw.com.

And now with that, I'll turn the call over to Quintin.

Quintin Kneen

Thank you, West. Good morning, everyone, and welcome to the third quarter 2024 Tidewater earnings conference call. Third quarter revenue came in as expected as day rates continue to improve nicely, exceeding our expectations by over $600 per day. Gross margin came in at 47.2%, and we generated free cash flow of $67 million.