11:58 AM EDT, 08/15/2024 (MT Newswires) -- Tidewater Midstream and Infrastructure ( TWMIF ) shares plunged to a record low on Thursday after the company said it narrowed its second-quarter loss while lowering its guidance for adjusted EBITDA.

The renewable-fuels producers reported a loss of $4.7 million, or $0.01 per share, narrowing from at loss of $6.4 million, or $0.02, in the year-prior quarter.

Tidewater attributed the improvement to higher operating income, offset in part by unfavorable changes in the fair value of derivative contracts, and the absence of a deferred income tax recovery.

Adjusted EBITDA inched up to $45.3 million from $44.0 million.

Tidewater cut its 2024 adjusted EBITDA guidance to a range of $130 million to $150 million from $150 million to $170 million, citing uncertainty surrounding British Columbia's low-carbon fuel standard credit market.

Tidewater's shares were last seen down $0.22 to $0.35 on the Toronto Stock Exchange, the lowest since it listed its shares in April, 2015.

Price: 0.35, Change: -0.22, Percent Change: -38.60