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Jun 30, 2024
Bristow Q2 2024 Earnings Report
Reported strong second quarter financial results and raised the Company’s Adjusted EBITDA guidance range.
Key Takeaways
Bristow Group Inc. reported net income attributable to the Company of $28.2 million, or $0.96 per diluted share, for its quarter ended June 30, 2024, on operating revenues of $352.5 million. Adjusted EBITDA outlook range increased to $210 million - $230 million for 2024 and to $230 million - $260 million for 2025.
Total revenues of $359.7 million in Q2 2024 compared to $337.1 million in Q1 2024.
Net income of $28.2 million, or $0.96 per diluted share, in Q2 2024 compared to net income of $6.6 million, or $0.23 per diluted share, in Q1 2024.
EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $71.3 million in Q2 2024 compared to $47.5 million in Q1 2024.
Increased 2024 Adjusted EBITDA outlook range to $210 million - $230 million and 2025 outlook to $230 million - $260 million.
Bristow
Bristow
Bristow Revenue by Segment
Revenue by Segment
Offshore Energy Services Revenue
CapyFin.comGovernment Services Revenue
CapyFin.com Forward Guidance
The Company raised its Adjusted EBITDA guidance ranges from $190 - $220 million to $210 - $230 million for 2024 and from $210 - $245 million to $230 - $260 million for 2025.
Positive Outlook
- Offshore energy services operating revenues are expected to be $900 - $930 million in 2024 and $910 - $1,020 million in 2025.
- Government services operating revenues are expected to be $330 - $345 million in 2024 and $405 - $445 million in 2025.
- Fixed wing services operating revenues are expected to be $120 - $130 million in 2024 and $120 - $140 million in 2025.
- Other services operating revenues are expected to be $5 - $10 million in 2024 and $5 - $10 million in 2025.
- Adjusted EBITDA, excluding asset dispositions and foreign exchange, is expected to be $210 - $230 million in 2024 and $230 - $260 million in 2025.
Challenges Ahead
- Cash interest is expected to be ~$40 million in 2024 and ~$45 million in 2025.
- Cash taxes are expected to be $20 - $25 million in 2024 and $20 - $25 million in 2025.
- Maintenance capital expenditures are expected to be $15 - $20 million in 2024 and $15 - $20 million in 2025.
- Impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers.
- Possibility that we may be unable to maintain compliance with covenants in our financing agreements
Revenue & Expenses
Visualization of income flow from segment revenue to net income