Bristow reports strong Q3 earnings, raises full-year outlook

Vertical flight solutions provider Bristow Group reported its financial results for the third quarter of 2024, showcasing continued growth and profitability.

In the quarter ended September 30, 2024, the company reported net income of $28.2m, or $0.95 per diluted share. This compares to net income of $28.2m, or $0.96 per diluted share.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the current quarter was $63.9m, up slightly from $63.7m in the previous quarter.

“We are pleased to raise Bristow’s full-year 2024 Adjusted EBITDA guidance range to $220 – $230m,” said Chris Bradshaw, president and CEO of Bristow Group. “The growth and diversification of the company’s government services business is progressing, as we execute on the transition process for important, long-term contracts with the Irish Coast Guard and UKSAR2G. Bristow’s offshore energy services business is benefiting from increased activity, and we continue to believe that we are in the midst of a multi-year growth cycle.”

Bristow’s sequential quarter results showed an increase in operating revenues, primarily driven by stronger performance in the government services and fixed-wing services segments, which offset a decline in offshore energy services. Operating expenses were higher due to increased personnel costs, repairs and maintenance, and other operating costs.

As of September 30th, 2024, Bristow had $200.3m in unrestricted cash and $59.6m in remaining availability under its asset-based revolving credit facility, totalling $259.9m in liquidity.

The positive momentum in the third quarter has prompted Bristow to raise its Adjusted EBITDA guidance for the full-year 2024, from a range of $210 – $230m to $220 – $230m. This revised outlook reflects the company’s confidence in its ability to capitalise on the growing demand for its services and maintain its strong financial performance.