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Jun 30, 2023
Bristow Q2 2023 Earnings Report
Reported a net loss attributable to the company with increased operating revenues.
Key Takeaways
Bristow Group Inc. reported a net loss of $1.6 million, or $0.06 per diluted share, for the quarter ended June 30, 2023, on operating revenues of $311.5 million. Adjusted EBITDA, excluding asset dispositions and foreign exchange losses, was $39.0 million. The company reaffirmed its 2023 outlook and issued a 2024 financial outlook.
Total revenues reached $319.4 million, an increase from $302.0 million in the previous quarter.
Net loss amounted to $1.6 million, or $0.06 per diluted share, compared to a net loss of $1.5 million, or $0.05 per diluted share, in the prior quarter.
Adjusted EBITDA, excluding special items, asset dispositions, and foreign exchange losses, was $39.0 million, up from $28.9 million in the first quarter.
Bristow announced as the preferred bidder for the €670 million search and rescue contract for the Irish Coast Guard.
Bristow
Bristow
Bristow Revenue by Segment
Revenue by Segment
Offshore Energy Services Revenue
CapyFin.comGovernment Services Revenue
CapyFin.com Forward Guidance
Bristow Group provided financial targets for the calendar years 2023 and 2024. The company expects total operating revenues between $1,200 - $1,310 million for 2023 and $1,295 - $1,465 million for 2024. Adjusted EBITDA, excluding asset dispositions and foreign exchange losses (gains), is projected to be $150 - $170 million for 2023 and $190 - $220 million for 2024.
Positive Outlook
- Offshore energy services revenue is expected to be between $755 - $830 million in 2023 and $850 - $970 million in 2024.
- Government services revenue is projected to be $340 - $355 million in 2023 and $340 - $365 million in 2024.
- Fixed wing services revenue is anticipated to be $95 - $110 million in 2023 and $95 - $115 million in 2024.
- Other services revenue is expected to be $10 - $15 million in both 2023 and 2024.
- Cash interest is estimated to be approximately $40 million for both 2023 and 2024.
Challenges Ahead
- Cash taxes are projected to be $20 - $25 million for both 2023 and 2024.
- Maintenance capital expenditures are expected to be $20 - $25 million in 2023 and $15 - $20 million in 2024.
- The financial outlook is subject to risks and uncertainties, including public health crises, changes in oil and gas demand, and fluctuations in foreign exchange rates.
- Failure to manage acquisitions and diversification efforts could impact financial performance.
- Reliance on a limited number of customers and potential reduction in customer base pose risks to revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income