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Bristow Records Higher-than-expected Q1 Results

by Mia Yao
Bristow Records Higher-than-expected Q1 Results

Bristow Group’s 2023 first quarter results were higher than management’s estimates with a significant improvement in the business fundamentals.

The helicopter company reported a revenue of USD$302 million in its first quarter 2023 results, down 3.7% from USD$313.6 million year on year.

“Actual first quarter results were higher than management’s estimates, and we are pleased to affirm Bristow’s full year 2023 financial guidance,” said Chris Bradshaw, CEO, Bristow Group, while predicting a significantly higher EBITDA (earnings before interest, taxes, depreciation, and amortization) run rate at year-end.

Bristow’s net loss for the first quarter of 2023 was USD$1.5 million compared to USD$7 million in 2022. Adjusted EBITDA excluding asset dispositions and foreign exchange was USD$29 million, decreasing by USD$7.4 million from the preceding quarter.

The first quarter was expected to represent the company’s softest financial results due to typical seasonality as well as the transition of aircraft between the end of a contract at year-end 2022 and the commencement of newly awarded contracts over the course of 2023, according to Bradshaw.

Bristow Group‘s operating revenues were USD $11.4 million lower compared to the previous quarter. As the contract in Guyana ended on December 31, 2022, its revenues from offshore energy services were $17.0 million lower. This was also due to lower seasonal utilization and lower lease payments received from Cougar.

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