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Dec 31, 2023
Bristow Q4 2023 Earnings Report
Bristow reported a net loss and operating revenues decreased slightly compared to the previous quarter.
Key Takeaways
Bristow Group Inc. reported a net loss of $7.9 million for the quarter ended December 31, 2023, on operating revenues of $329.6 million. Adjusted EBITDA excluding asset dispositions and foreign exchange was $46.0 million. The company achieved its increased 2023 outlook and affirmed its 2024 outlook.
Total revenues were $337.9 million in Q4 2023.
Net loss was $7.9 million, or $0.28 per diluted share, in Q4 2023.
EBITDA adjusted to exclude special items, asset dispositions and foreign exchange gains (losses) was $46.0 million in Q4 2023.
Revenues in 2023 were 8% higher than 2022, and Adjusted EBITDA, excluding asset dispositions and foreign exchange, increased by 24% compared to the prior year.
Bristow
Bristow
Bristow Revenue by Segment
Revenue by Segment
Offshore Energy Services Revenue
CapyFin.comGovernment Services Revenue
CapyFin.com Forward Guidance
Bristow anticipates 2024 will remain largely in line with 2023. Operations in Ireland, for the recently awarded €670 million Irish Coast Guard contract, are set to commence towards the end of 2024, and its full year impacts in subsequent years will contribute meaningfully to our financial results.
Positive Outlook
- The full year impact of the newly commenced offshore energy SAR contract in Norway is expected to have a positive impact in 2024.
- The full year impact of expanded operations in Brazil and potential additional tenders in 2024 will contribute to meaningful increases in our results.
- Increased market activity has driven better results in Nigeria, and we expect this momentum to continue in 2024.
- Operations in Ireland, for the recently awarded €670 million Irish Coast Guard contract, are set to commence towards the end of 2024, and its full year impacts in subsequent years will contribute meaningfully to our financial results.
- Activity has increased with demand for fixed wing services and charters.
Challenges Ahead
- Headwinds from continued supply chain shortages, particularly those related to the S92 heavy helicopters, are expected to continue through 2024.
- Activity in the mature markets of Norway and the UK to be mostly stable in 2024.
- Pilot shortages continue to remain a challenge through this upturn.
- Transition to the £1.6 billion UKSAR2G contract will begin in late 2024.
- The transition to the £1.6 billion UKSAR2G contract will begin in late 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income