Tidewater Renewables Sees Turnover But Offers Constructive Update -- Market Talk

Dow Jones04-23

1026 ET - Executive and board turnover at Tidewater Renewables increases investor risk, though that is mitigated by a positive update on the company's Renewable Diesel & Renewable Hydrogen Complex, CIBC Capital Markets' Robert Catellier says. The analyst says investors would understandably be nervous of a CFO departure, with Raymond Kwan set to be succeeded by Ian Quartly. Also, director John Adams has resigned due to potential future conflicts of interest with respect to his position. Still, Catellier says the operating update indicates the facility exceeded prior guidance for 1Q and is off to a good start for 2Q. He says this suggests operations ramped up more smoothly, improving financial liquidity and allowing the company to focus on free cash flow generation and debt reduction. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

April 23, 2024 10:26 ET (14:26 GMT)

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Still, Catellier says the operating update indicates the facility exceeded prior guidance for 1Q and is off to a good start for 2Q. He says this suggests operations ramped up more smoothly, improving financial liquidity and allowing the company to focus on free cash flow generation and debt reduction. 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