Bristow Group Reports Third Quarter 2024 Results and Raises 2024 Full-Year Outlook

Core Insights - Bristow Group Inc. reported total revenues of $365.1 million for Q3 2024, an increase from $359.7 million in Q2 2024, with net income remaining stable at $28.2 million, or $0.95 per diluted share [1][2][23] - The company raised its full-year 2024 Adjusted EBITDA guidance range to $220 - $230 million, reflecting positive growth in its government services and offshore energy services sectors [4][12] Financial Performance - Operating revenues for Q3 2024 were $356.4 million, compared to $352.5 million in Q2 2024, with a sequential increase of $3.9 million [1][5] - Adjusted EBITDA for Q3 2024 was reported at $60.2 million, down from $71.3 million in Q2 2024, primarily due to special items and foreign exchange losses [2][24] - The company’s net income for Q3 2024 was $28.2 million, slightly up from $28.2 million in Q2 2024, with diluted earnings per share decreasing from $0.96 to $0.95 [1][3] Operational Highlights - Operating expenses increased by $16.3 million compared to the previous quarter, mainly due to higher personnel costs and maintenance expenses [6] - General and administrative expenses decreased by $2.0 million, attributed to lower professional services fees [7] - The company experienced a net foreign exchange gain of $10.6 million in Q3 2024, compared to a net expense of $0.1 million in Q2 2024 [7] Liquidity and Capital Expenditures - As of September 30, 2024, Bristow had $200.3 million in unrestricted cash and $59.6 million available under its asset-based revolving credit facility, totaling $259.9 million in liquidity [9] - Capital expenditures for property and equipment in Q3 2024 were $57.0 million, compared to $50.4 million in Q2 2024 [10] Market Outlook - The company is optimistic about the growth and diversification of its government services business, particularly with contracts from the Irish Coast Guard and UKSAR2G [4] - Bristow's offshore energy services are benefiting from increased activity, indicating a multi-year growth cycle in the industry [4]