Bristow posts Q2 adjusted EBITDA showing ‘building business momentum’

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by Mike Stones
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Bristow Group’s 35% rise in adjusted EBITDA to reach $39m, posted in second-quarter (Q2) results, shows the operators’ building business momentum, according to Chris Bradshaw, the company’s president and CEO.

Total revenues reached $319.4m for the quarter ended June 30, 2023 compared with $302m in the previous reporting period. Net loss increased to $1.6m, or $0.06 per diluted share, compared with a loss of $1.5m, or $0.05 per diluted share, in Q1 2023.

Hailing the performance, Bradshaw said: “The 35% sequential quarter improvement in adjusted EBITDA, excluding asset dispositions and foreign exchange losses, is evidence of the building momentum for Bristow’s business in 2023.” And he looked forward to further improvements in the second half of the year.

“We continue to believe the company’s financial performance in the second half of the year will be significantly higher than the first half of this year, setting up positively for stronger financial results in 2024, as highlighted by our recently issued adjusted EBITDA guidance of $190m to $220m for next year,” he added.

Q2 operating revenues were $18.6m higher than Q1. Operating revenues from offshore energy services rose by $13.6m mainly due to higher utilisation and higher lease payments received from Cougar Helicopters.

Operating revenues from government services were $5m higher in Q2 primarily due to the strengthening of the British pound sterling relative to the US dollar and higher utilisation.

Fixed wing services operating revenues climbed by $0.5m, again due to higher utilisation. But operating revenues from other services were $0.5m in Q2, reflecting o lower dry-lease revenues.

Meanwhile,  Bristow confirmed that the €670m ($738m) search and rescue (SAR) contract for the Irish Coast Guard – for which it is preferred bidder – is expected to finalise soon. Read Bristow Group’s full Q2 statement here.

 

Bristow Group Q2, 2023 results – at a glance

  • Total revenues of $319.4m compared to $302m in Q1
  • Net loss of $1.6m compared to net loss of $1.5m in Q1
  • Net loss of $0.06 per diluted share compared to $0.05 per diluted share in Q1.
  • Adjusted EBITDA was $39m compared with $28.9m in Q1.
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