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Bristow Group Reports First Quarter 2025 Results; Affirms 2025 And 2026 Outlook Ranges
VTOLBristow(VTOL) Prnewswire·2025-05-06 20:15

Core Insights - Bristow Group Inc. reported a net income of 27.4million,or27.4 million, or 0.92 per diluted share, for Q1 2025, a decrease from 31.8million,or31.8 million, or 1.07 per diluted share, in Q4 2024, with total revenues of 350.5millioncomparedto350.5 million compared to 353.5 million in the previous quarter [1][7][29] Financial Performance - Total revenues for Q1 2025 were 350.5million,down0.8350.5 million, down 0.8% from 353.5 million in Q4 2024 [7][31] - Operating income increased to 33.5millioninQ12025from33.5 million in Q1 2025 from 31.8 million in Q4 2024 [3][29] - Adjusted EBITDA for Q1 2025 was 57.7million,consistentwithQ42024[7][30]−FreeCashFlowwasnegativeat57.7 million, consistent with Q4 2024 [7][30] - Free Cash Flow was negative at (2.5) million in Q1 2025, compared to 48.3millioninQ42024[3][30]SegmentPerformance−OffshoreEnergyServicesrevenueswere48.3 million in Q4 2024 [3][30] Segment Performance - Offshore Energy Services revenues were 239.8 million, slightly down from 240.2millioninthepreviousquarter,withoperatingincomerisingto240.2 million in the previous quarter, with operating income rising to 37.4 million from 34.3million[6][8][31]−GovernmentServicesrevenuesincreasedto34.3 million [6][8][31] - Government Services revenues increased to 85.9 million from 82.6million,withoperatingincomesignificantlyimprovingto82.6 million, with operating income significantly improving to 6.0 million from 2.3million[9][33]−OtherServicesrevenuesdecreasedto2.3 million [9][33] - Other Services revenues decreased to 24.8 million from 30.8million,withanoperatinglossof30.8 million, with an operating loss of (0.6) million compared to a profit of 3.6millioninthepreviousquarter[10][33]GuidanceandOutlook−Thecompanyaffirmedits2025AdjustedEBITDAoutlookrangeof3.6 million in the previous quarter [10][33] Guidance and Outlook - The company affirmed its 2025 Adjusted EBITDA outlook range of 230 million to 260millionand2026outlookrangeof260 million and 2026 outlook range of 275 million to 335million[7][15]−Expectedtotalrevenuesfor2025areprojectedbetween335 million [7][15] - Expected total revenues for 2025 are projected between 1.42 billion and 1.615billion,withOffshoreEnergyServicescontributing1.615 billion, with Offshore Energy Services contributing 950 million to 1.06billion[15][17]LiquidityandCapitalAllocation−AsofMarch31,2025,Bristowhad1.06 billion [15][17] Liquidity and Capital Allocation - As of March 31, 2025, Bristow had 191.1 million in unrestricted cash and 63.2millionavailableunderitsasset−basedrevolvingcreditfacility,totaling63.2 million available under its asset-based revolving credit facility, totaling 254.3 million in liquidity [18][19] - Capital expenditures for property and equipment were 52.1millioninQ12025,downfrom52.1 million in Q1 2025, down from 83.5 million in Q4 2024 [19][29] Tax and Other Income - Income tax expense for Q1 2025 was 10.2million,comparedtoataxbenefitof10.2 million, compared to a tax benefit of 13.0 million in Q4 2024 [13][14] - Other income for Q1 2025 was $11.4 million, primarily due to higher foreign exchange gains [12][29]