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Dec 31, 2019
Bristow Q4 2019 Earnings Report
Reported a net loss attributable to the company in Q4 2019.
Key Takeaways
Era Group Inc. reported a net loss of $0.7 million for the fourth quarter of 2019, with operating revenues of $60.4 million. The company's EBITDA was $10.1 million, and adjusted EBITDA was $13.7 million. The results were influenced by higher U.S. oil and gas revenues and the full quarter impact of emergency response services contracts.
Net loss attributable to the Company for its fourth quarter ended December 31, 2019 was $0.7 million.
Operating revenues of $60.4 million compared to net loss of $1.9 million.
EBITDA adjusted to exclude special items was $13.7 million in the current quarter.
The merger with Bristow is expected to close in the second half of this year.
Bristow
Bristow
Forward Guidance
The company remains very excited about the expected merger with Bristow, which they believe will create substantial value for the stakeholders of both companies. As previously disclosed, the merger is expected to close in the second half of this year.
Positive Outlook
- Expected merger with Bristow.
- Merger expected to create substantial value for the stakeholders of both companies.
- Merger expected to close in the second half of this year.
- Higher utilization of helicopters in oil and gas operations.
- Commencement of new emergency response services and dry-leasing contracts.
Challenges Ahead
- Risks related to the Company’s recently announced combination with Bristow Group Inc.
- Dependence on, and the cyclical and volatile nature of, offshore oil and gas exploration, development and production activity
- Reliance on a limited number of customers and the reduction of its customer base resulting from bankruptcies or consolidation
- Risks that the Company’s customers reduce or cancel contracted services or tender processes or obtain comparable services through other forms of transportation
- Dependence on United States (“U.S.”) government agency contracts that are subject to budget appropriations