Tidewater Midstream and Infrastructure Full Year 2023 Earnings: Misses Expectations

Tidewater Midstream and Infrastructure (TSE:TWM) Full Year 2023 Results

Key Financial Results

• Revenue: CA$2.21b (down 23% from FY 2022).
• Net loss: CA$385.9m (down from CA$8.50m profit in FY 2022).
• CA$0.91 loss per share (down from CA$0.023 profit in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Tidewater Midstream and Infrastructure Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates significantly.

In the last 12 months, the only revenue segment was Midstream and Infrastructure contributing CA$2.21b. Notably, cost of sales worth CA$2.05b amounted to 93% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling CA$341.1m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how TWM's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Oil and Gas industry in Canada.

Performance of the Canadian Oil and Gas industry.

The company's shares are down 14% from a week ago.

Risk Analysis

You still need to take note of risks, for example - Tidewater Midstream and Infrastructure has 1 warning sign we think you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.