Tidewater (NYSE:TDW) Misses Estimate, Down 9.5 Percent

Tidewater (NYSE:TDW), which is the largest operator of oil driller supply ships, missed analysts' estimates for their quarterly earnings, and plunged over 9.5 percent on the day to $42.90; the lowest share price since March 2.

Revenue for the quarter dropped to $260 million, down from the $278 million that was expected.

Most of the decline in earnings came from reduced demand in ship utilization levels. For the quarter demand plummeted by 23 percent.

Earnings fell to $56.9 million, or $1.10 a share, almost only half of the $109.7 million, or $2.13 a share generated during the same quarter last year.

Volume for the day exploded, as it was far beyond the 3-month average of 885,686, rising to 4,504,171.