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Dec 31, 2024
Bristow Q4 2024 Earnings Report
Bristow Group reports strong fourth quarter 2024 financial results, exceeding the upwardly revised outlook range for Q4 and full year 2024, and announces a new capital allocation framework.
Key Takeaways
Bristow Group Inc. reported a net income of $31.8 million on total revenues of $353.5 million for the quarter ended December 31, 2024. This represents an increase in net income compared to the preceding quarter, despite a slight decrease in total revenues. The company also exceeded its full-year 2024 Adjusted EBITDA outlook.
Total revenues for Q4 2024 were $353.5 million, a decrease of $11.6 million compared to Q3 2024.
Net income for Q4 2024 was $31.8 million, an increase of $3.6 million compared to Q3 2024.
Adjusted EBITDA for Q4 2024 was $57.84 million, a decrease of $2.3 million compared to Q3 2024.
Full year 2024 Adjusted EBITDA was $236.766 million, exceeding the previously upward revised outlook range of $220 million - $230 million.
Bristow
Bristow
Bristow Revenue by Segment
Bristow Revenue by Geographic Location
Revenue by Segment
Offshore Energy Services Revenue
CapyFin.comGovernment Services Revenue
CapyFin.comOther Services Revenue
CapyFin.comRevenue by Geographic Location
Europe Revenue
CapyFin.comAmericas Revenue
CapyFin.comAfrica Revenue
CapyFin.com Forward Guidance
Bristow Group affirmed its 2025 and 2026 outlook, anticipating continued growth in Offshore Energy Services driven by increased activity and higher rates, and stable long-term cash flows from Government Services despite near-term transition costs. The company also expects Other Services to remain consistent with current activity levels.
Positive Outlook
- Offshore Energy Services anticipates continued constructive market conditions in 2025 and 2026 due to high utilization, unmet lift demand, and long lead-times for new builds.
- Government Services is expected to generate strong, stable, long-term cash flows with high credit quality customers well into the next decade.
- The Americas region is projected to see meaningful increases in 2025 and 2026, driven by expanded operations in Brazil and increased activity in the U.S. and Suriname.
- The Africa region, particularly Nigeria, is expected to continue its momentum in 2025 due to increasing demand, higher utilization, and added capacity.
- Other Services segment is expected to maintain consistent financial performance with current levels of activity throughout 2025.
Challenges Ahead
- Headwinds from continued supply chain shortages, particularly for S92 heavy helicopters, are expected to persist in 2025.
- The transition period for new Government Services contracts (IRCG and UKSAR2G) will incur associated operating expenses, which may not present full earnings power and quality margins until 2026 and beyond.
- The strengthening of the U.S. dollar relative to the British pound sterling and Euro could negatively impact financial results.
- Potential penalties due to aircraft availability, primarily related to supply chain challenges, are expected to persist in the near term for Government Services.
- The Europe region, while benefiting from new contracts, is a mature market with limited growth opportunities, and S92 supply chain challenges remain a risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income