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Dec 31, 2020
Bristow Q3 2021 Earnings Report
Reported a net loss due to a non-cash impairment charge and announced increased synergy targets following the merger.
Key Takeaways
Bristow Group Inc. reported a net loss of $57.1 million for the fiscal third quarter ended December 31, 2020, on operating revenues of $300.3 million. The net loss was primarily driven by the impairment of the investment in Cougar Helicopters Inc. However, the company announced an increase in identified synergies to at least $50 million of annualized cost savings.
Net loss of $57.1 million, or $1.97 per diluted share, in Q3 FY21 primarily due to a non-cash impairment charge
EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $47.4 million in Q3 FY21.
Adjusted Free Cash Flow excluding Net Capex was $26.8 million in Q3 FY21
As of December 31, 2020, unrestricted cash balance was $293.5 million with total liquidity of $345.0 million
Revenue by Geographic Location
Forward Guidance
The Company continues to make significant integration progress following the merger of Era and Bristow in June 2020 and expects to realize at least $50 million of annualized cost savings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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