Tidewater Inc (TDW)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	132,346	1,012	-121,842	-29,670	6,894
Revenue	US$ in thousands	968,844	627,918	341,080	375,228	486,549
Gross profit margin		13.66%	0.16%	-35.72%	-7.91%	1.42%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $132,346K ÷ $968,844K
= 13.66%

Tidewater Inc's gross profit margin has shown a fluctuating trend over the past five years. In 2019, the company had a modest gross profit margin of 1.42%, indicating that the company was able to generate a profit after accounting for the cost of goods sold. However, in the following years, there were significant fluctuations in the gross profit margin.

In 2020, the gross profit margin dropped to -7.91%, indicating that the company was operating at a loss at the gross profit level. This negative margin suggests that the cost of goods sold exceeded the revenue generated from sales. The situation worsened in 2021, with the gross profit margin falling further to -35.72%, indicating a significant deterioration in the company's ability to cover its direct costs.

However, there seems to have been a turnaround in the company's performance in the following years. In 2022, the gross profit margin improved to 0.16%, indicating that the company was able to generate a small profit at the gross level. This positive trend continued in 2023, with a further increase in the gross profit margin to 13.66%.

Overall, Tidewater Inc's gross profit margin has shown volatility and inconsistency over the past five years, with periods of losses followed by periods of recovery. Further analysis of the company's cost structure and revenue generation would be necessary to understand the factors contributing to these fluctuations in the gross profit margin.