Bristow profit rises from prior quarter as rescue contracts face delays
Bristow Group’s third-quarter revenue reached 437.9 million dollars and net income reached 27.7 million dollars, both higher than in the preceding quarter. The helicopter services company maintained the midpoint of its annual adjusted profit outlook. Delays in modifying aircraft for new search-and-rescue contracts continued to weigh on its government services business.
Economics & Markets··Morning
Quarterly revenue increases but misses expectations
Bristow Group, a helicopter transportation services company, reported higher third-quarter revenue than a year earlier. Quarterly earnings and revenue nevertheless missed the consensus estimates tracked by Zacks. The company announced the results on 3 November for the period ended 30 September.[1], [2]
Compared with the preceding quarter, revenue increased from 411.8 million dollars to 437.9 million dollars. Net income attributable to Bristow rose from 21.2 million dollars to 27.7 million dollars. Diluted earnings per share increased from 0.70 dollars to 0.93 dollars, and operating income rose from 39.6 million dollars to 47.7 million dollars.[1]
Aircraft modification delays weigh on government services
Government Services revenue increased 15.9 per cent from the preceding quarter to 130 million dollars, but the segment recorded an operating loss of 1.4 million dollars. Berry Aviation, acquired in July and renamed Bristow Special Missions, contributed 16.9 million dollars of the revenue increase.[1]
Management said delayed aircraft modifications for new search-and-rescue contracts were depressing the government segment’s margins. It expects supply problems to stabilise during 2027. Revenue at the Bristow offshore energy services business fell 2.1 per cent to 256 million dollars, while segment operating income rose 6.9 per cent to 49.2 million dollars as expenses fell.[1]
Annual adjusted profit midpoint remains unchanged
Bristow maintained the midpoint of its annual forecast for adjusted earnings before interest, taxes, depreciation and amortisation, with a range of 300–320 million dollars. Annual revenue guidance was 1.64–1.70 billion dollars. Quarterly operating cash flow was 61.2 million dollars, and unrestricted cash stood at 233.4 million dollars at September end.[1]
