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Bristow Group Reports Fourth Quarter 2024 Results
VTOLBristow(VTOL) Prnewswire·2025-02-26 22:25

Core Viewpoint - Bristow Group Inc. reported strong financial results for Q4 and the full year 2024, exceeding its revised outlook, and announced a new capital allocation framework aimed at maintaining a strong balance sheet, pursuing growth opportunities, and returning capital to shareholders through dividends and share buybacks [6][22][36]. Financial Performance - For Q4 2024, Bristow reported net income of 31.8million,or31.8 million, or 1.07 per diluted share, on total revenues of 353.5million,comparedto353.5 million, compared to 28.2 million, or 0.95perdilutedshare,onrevenuesof0.95 per diluted share, on revenues of 365.1 million in Q3 2024 [2][5]. - For the full year 2024, net income was 94.8million,or94.8 million, or 3.21 per diluted share, on total revenues of 1.4billion,asignificantrecoveryfromanetlossof1.4 billion, a significant recovery from a net loss of 6.8 million in 2023 [3][47]. - Adjusted EBITDA for 2024 was 236.8million,surpassingthepreviouslyrevisedoutlookof236.8 million, surpassing the previously revised outlook of 220 million to 230million[7][22].SegmentPerformance−OffshoreEnergyServicesgeneratedrevenuesof230 million [7][22]. Segment Performance - Offshore Energy Services generated revenues of 966.1 million in 2024, up 13.3% from 853.0millionin2023,withoperatingincomeincreasingsignificantlyto853.0 million in 2023, with operating income increasing significantly to 132.2 million [14][15]. - Government Services revenues decreased slightly to 329.7millionin2024from329.7 million in 2024 from 337.3 million in 2023, with operating income declining to 21.1million[16].−OtherServicessawrevenuesriseto21.1 million [16]. - Other Services saw revenues rise to 119.8 million in 2024, up 11.7% from 107.2millionin2023,althoughoperatingincomedecreasedslightly[17].CapitalAllocationFramework−Thenewcapitalallocationframeworkincludesprioritiestoprotectthebalancesheet,pursuehigh−returngrowthopportunities,andreturncapitaltoshareholdersthrougha107.2 million in 2023, although operating income decreased slightly [17]. Capital Allocation Framework - The new capital allocation framework includes priorities to protect the balance sheet, pursue high-return growth opportunities, and return capital to shareholders through a 125 million share repurchase program and a quarterly dividend program starting in Q1 2026 [6][36]. - The company aims to reduce gross debt to approximately 500millionbytheendof2026[36].Outlook−ThecompanyexpectscontinuedconstructivemarketconditionsinOffshoreEnergyServicesduetohighutilizationratesandunmetdemand,despitesupplychainchallenges[27].−For2025and2026,Bristowhasprovidedrevenueguidanceof500 million by the end of 2026 [36]. Outlook - The company expects continued constructive market conditions in Offshore Energy Services due to high utilization rates and unmet demand, despite supply chain challenges [27]. - For 2025 and 2026, Bristow has provided revenue guidance of 1.42 billion to 1.62billionand1.62 billion and 1.53 billion to $1.78 billion, respectively [23].