Bristow Group Reports Fourth Quarter 2024 Results

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 $31.8 million, or $1.07 per diluted share, on total revenues of $353.5 million, compared to $28.2 million, or $0.95 per diluted share, on revenues of $365.1 million in Q3 2024 [2][5]. - For the full year 2024, net income was $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion, a significant recovery from a net loss of $6.8 million in 2023 [3][47]. - Adjusted EBITDA for 2024 was $236.8 million, surpassing the previously revised outlook of $220 million to $230 million [7][22]. Segment Performance - Offshore Energy Services generated revenues of $966.1 million in 2024, up 13.3% from $853.0 million in 2023, with operating income increasing significantly to $132.2 million [14][15]. - Government Services revenues decreased slightly to $329.7 million in 2024 from $337.3 million in 2023, with operating income declining to $21.1 million [16]. - Other Services saw revenues rise to $119.8 million in 2024, up 11.7% from $107.2 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 $500 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 $1.62 billion and $1.53 billion to $1.78 billion, respectively [23].