Tidewater Inc (TDW)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	140,493	-1,863	-123,094	-197,207	-114,019
Revenue	US$ in thousands	968,844	627,918	341,080	375,228	486,549
Pretax margin		14.50%	-0.30%	-36.09%	-52.56%	-23.43%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $140,493K ÷ $968,844K
= 14.50%

Tidewater Inc's pretax margin has shown significant variability over the past five years. In 2023, the pretax margin improved to 14.50%, a substantial increase compared to the negative margins in 2021 and 2022. This improvement suggests that the company was able to generate more income before taxes relative to its revenue in 2023. However, it is essential to note that the pretax margin was negative in 2022 and 2021, indicating that the company was operating at a loss before considering taxes during those years. Moreover, the pretax margins in 2020 and 2019 were also negative, showing a trend of poor profitability in those years. Overall, the positive pretax margin in 2023 indicates a potential turnaround in Tidewater Inc's profitability, but the company should continue to focus on sustainable growth and cost management to ensure consistent positive margins in the future.