Tidewater third-quarter profit falls 17 percent after 2006 gain

(AP) Tidewater Inc., which operates a fleet of ships serving oil and gas producers, said its third-quarter profit slipped 17 percent after last year’s quarter benefited from a sizable one-time gain.

Net income for the three months ended Sept. 30 fell to $86.5 million, or $1.56 per share, compared with $104.2 million, or $1.86 per share, during the same period a year earlier.

Analysts polled by Thomson Financial expected, on average, of $1.55 per share.

Last year’s earnings included a gain of $28.2 million, or 31 cents per share after taxes, on the sale of 11 tugboats.

Revenue for the quarter rose to $319 million, up from $274 million a year ago.

Analysts forecast revenue of $311 million.