Tidewater reports Q3 EPS 87c, consensus $1.09

Reports Q3 revenue $340.4M, consensus $345.55M. Heritage Global Chief Executive Officer Ross Dove commented, “Our third quarter results reflected lower than expected revenue in our industrial segment primarily due to the absence of the larger auctions we typically see. Despite the quarter’s result, our business development efforts were strong as we were selected to manage two prominent bankruptcy cases and added several notable Fortune 100 corporate clients, including one of the top five largest companies by market cap. Additionally, we have been engaged to run an auction project for a preeminent aerospace company slated to take place in 2025. These types of engagements illustrate the strong brand recognition and the excellent reputation our Company has within the industry The performance in the financial assets side of the business was consistent with our expectations. Consumer spending remains near all-time highs and with this dynamic alongside elevated delinquency rates, we expect the amount of charge-offs available for sale to remain robust. At NLEX, we continue to capture the opportunities presented by the current market landscape to drive growth and continued profitability. As we move through the balance of 2024, we are focused on executing on our strategic priorities and delivering continued profitability. We remain confident in Heritage Global’s long-term value proposition and look forward to the opportunities ahead. On the M&A front, I am encouraged by the ongoing increase in potential opportunities and receptivity to our initial inquiries. Our team is well positioned for significant progress as consolidation activity appears to be escalating in the markets we serve.”