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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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