NYSE$VTOL
Bristow Group Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported a net loss attributable to the company with increased operating revenues.
Bristow Group Inc. reported a net loss of $1.6 million, or $0.06 per diluted share, for the quarter ended June 30, 2023, on operating revenues of $311.5 million. Adjusted EBITDA, excluding asset dispositions and foreign exchange losses, was $39.0 million. The company reaffirmed its 2023 outlook and issued a 2024 financial outlook.
- Total revenues reached $319.4 million, an increase from $302.0 million in the previous quarter.
- Net loss amounted to $1.6 million, or $0.06 per diluted share, compared to a net loss of $1.5 million, or $0.05 per diluted share, in the prior quarter.
- Adjusted EBITDA, excluding special items, asset dispositions, and foreign exchange losses, was $39.0 million, up from $28.9 million in the first quarter.
- Bristow announced as the preferred bidder for the €670 million search and rescue contract for the Irish Coast Guard.
Headline financials
Revenue & EPS history
Bristow · Revenue · Quarterly
$307M
Revenue by segment
Bristow · $283M total across 2 segments · Q2 2023
- Offshore Energy Services$195M—69.1%
- Government Services$87.3M+25.2%30.9%
Forward guidance
Bristow Group provided financial targets for the calendar years 2023 and 2024. The company expects total operating revenues between $1,200 - $1,310 million for 2023 and $1,295 - $1,465 million for 2024. Adjusted EBITDA, excluding asset dispositions and foreign exchange losses (gains), is projected to be $150 - $170 million for 2023 and $190 - $220 million for 2024.
Tailwinds
- Offshore energy services revenue is expected to be between $755 - $830 million in 2023 and $850 - $970 million in 2024.
- Government services revenue is projected to be $340 - $355 million in 2023 and $340 - $365 million in 2024.
- Fixed wing services revenue is anticipated to be $95 - $110 million in 2023 and $95 - $115 million in 2024.
- Other services revenue is expected to be $10 - $15 million in both 2023 and 2024.
- Cash interest is estimated to be approximately $40 million for both 2023 and 2024.
Headwinds
- Cash taxes are projected to be $20 - $25 million for both 2023 and 2024.
- Maintenance capital expenditures are expected to be $20 - $25 million in 2023 and $15 - $20 million in 2024.
- The financial outlook is subject to risks and uncertainties, including public health crises, changes in oil and gas demand, and fluctuations in foreign exchange rates.
- Failure to manage acquisitions and diversification efforts could impact financial performance.
- Reliance on a limited number of customers and potential reduction in customer base pose risks to revenue.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+1.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+0.7%
Avg return
30 days after
60%
31 / 52 earnings
Positive
+20.7%
Q4 2015
Best reaction
-14.7%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -14.1% | -14.7% | |
| Q4 2025 | +2.9% | -2.5% | -1.5% | |
| Q3 2025 | -7.0% | -8.1% | -11.2% | |
| Q1 2025 | -6.1% | +2.3% | +3.2% | |
| Q4 2024 | +9.2% | -4.8% | -8.6% | |
| Q3 2024 | +13.0% | +13.0% | +7.5% | |
| Q2 2024 | +14.6% | +14.6% | +9.1% | |
| Q1 2024 | +13.3% | +19.5% | +14.3% | |
| Q4 2023 | -4.7% | -6.2% | -0.8% | |
| Q3 2023 | +9.4% | +9.2% | +0.5% | |
| Q2 2023 | +0.3% | -0.9% | -10.5% | |
| Q1 2023 | -5.4% | -0.2% | +17.5% | |
| Q4 2022 | -9.7% | -8.5% | -26.2% | |
| Q3 2022 | -11.1% | -10.1% | +11.8% | |
| Q2 2022 | +3.6% | +4.0% | -19.3% | |
| Q1 2022 | -1.6% | +2.2% | +31.5% | |
| Q4 2021 | -6.7% | -3.4% | -9.5% | |
| Q3 2021 | +1.6% | +7.2% | +6.3% | |
| Q2 2021 | +7.9% | +5.1% | +30.6% | |
| Q1 2021 | +6.1% | +6.2% | +16.4% | |
| Q1 2020 | -9.3% | -19.9% | -8.2% | |
| Q4 2019 | -9.7% | -28.0% | -56.1% | |
| Q3 2019 | +1.3% | -1.0% | -10.2% | |
| Q2 2019 | +17.7% | +21.8% | +8.1% | |
| Q1 2019 | +0.3% | +3.3% | -16.5% | |
| Q4 2018 | +1.4% | +5.3% | +15.7% | |
| Q3 2018 | +1.4% | -4.2% | -18.4% | |
| Q2 2018 | -7.4% | -10.2% | -16.1% | |
| Q1 2018 | -0.1% | +4.5% | +12.8% | |
| Q4 2017 | +0.4% | -0.5% | -0.5% | |
| Q3 2017 | +7.6% | +0.3% | -2.4% | |
| Q2 2017 | +3.0% | -2.0% | +19.1% | |
| Q1 2017 | -3.9% | -5.3% | -4.3% | |
| Q4 2016 | -8.0% | -7.3% | +3.2% | |
| Q3 2016 | -1.2% | +6.0% | +56.8% | |
| Q2 2016 | +6.6% | +8.8% | -4.4% | |
| Q1 2016 | -3.3% | — | — | |
| Q4 2015 | +20.7% | — | — | |
| Q3 2015 | -14.7% | — | — | |
| Q2 2015 | +12.0% | — | — | |
| Q1 2015 | -2.6% | — | — | |
| Q4 2014 | -2.6% | — | — | |
| Q3 2014 | +0.2% | — | — | |
| Q4 2013 | +0.2% | — | — | |
| Q2 2014 | +1.1% | — | — | |
| Q1 2014 | +2.1% | — | — | |
| Q3 2013 | +0.4% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2013 | -0.0% | — | — | |
| Q1 2012 | +2.4% | — | — | |
| Q1 2013 | +2.4% | — | — | |
| Q4 2012 | +2.4% | — | — | |
| Q2 2012 | — | — | — |
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