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Sep 30, 2023
Bristow Q3 2023 Earnings Report
Reported net income attributable to the Company of $4.3 million, or $0.15 per diluted share, for its quarter ended September 30, 2023 on operating revenues of $330.3 million.
Key Takeaways
Bristow Group Inc. reported Q3 2023 results with a net income of $4.3 million, or $0.15 per diluted share, on operating revenues of $330.3 million. Adjusted EBITDA reached $56.6 million, marking a 45% sequential quarter improvement. The company is raising its full-year 2023 Adjusted EBITDA guidance range to $165-$175 million.
Total revenues reached $338.1 million in Q3 2023.
Net income was $4.3 million, or $0.15 per diluted share, in Q3 2023.
Adjusted EBITDA was $56.6 million in Q3 2023.
The company raised its 2023 Adjusted EBITDA outlook mid-point and reaffirmed its 2024 financial outlook.
Bristow
Bristow
Bristow Revenue by Segment
Revenue by Segment
Offshore Energy Services Revenue
CapyFin.comGovernment Services Revenue
CapyFin.com Forward Guidance
The company increased its 2023 Adjusted EBITDA guidance range to $165-$175 million and reaffirmed its 2024 financial outlook.
Positive Outlook
- Offshore energy services revenues are expected to be $795 - $810 million in 2023 and $850 - $970 million in 2024.
- Government services revenues are expected to be $330 - $340 million in 2023 and $340 - $365 million in 2024.
- Fixed wing services revenues are expected to be $105 - $110 million in 2023 and $95 - $115 million in 2024.
- Other services revenues are expected to be $10 - $12 million in 2023 and $10 - $15 million in 2024.
- Adjusted EBITDA, excluding asset dispositions and foreign exchange, is expected to be $165 - $175 million in 2023 and $190 - $220 million in 2024.
Challenges Ahead
- Cash interest is expected to be approximately $40 million in both 2023 and 2024.
- Cash taxes are expected to be $15 - $20 million in 2023 and $25 - $30 million in 2024.
- Maintenance capital expenditures are expected to be $15 - $20 million in both 2023 and 2024.
- Global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries
- Fluctuations in the demand for our services
Revenue & Expenses
Visualization of income flow from segment revenue to net income