Bristow Group Inc (VTOL) Reports Q3 2023 Earnings: Net Income of $4.3 Million
Bristow Group Inc (NYSE:VTOL) reported Q3 2023 total revenues of $338.1 million, a rise from $319.4 million in Q2 2023.
The company posted a net income of $4.3 million in Q3 2023, compared to a net loss of $1.6 million in Q2 2023.
Adjusted EBITDA for Q3 2023 was $56.6 million, up from $39.0 million in Q2 2023.
Bristow Group Inc (NYSE:VTOL) raised its 2023 Adjusted EBITDA outlook and reaffirmed its 2024 financial outlook.
On November 1, 2023, Bristow Group Inc (NYSE:VTOL) released its earnings report for the third quarter of 2023. The company reported total revenues of $338.1 million, up from $319.4 million in the second quarter of 2023. The company's net income stood at $4.3 million, marking a significant improvement from the net loss of $1.6 million reported in the preceding quarter.
Financial Highlights
The company's EBITDA adjusted to exclude special items, asset dispositions, and foreign exchange gains (losses) was $56.6 million in Q3 2023, a substantial increase from $39.0 million in Q2 2023. Bristow Group Inc (NYSE:VTOL) also raised its 2023 Adjusted EBITDA outlook mid-point and reaffirmed its 2024 financial outlook.
Consistent with our outlook that the second half of 2023 would mark the positive inflection point for Bristows financial results, Q3 Adjusted EBITDA of $56.6 million represents a 45% sequential quarter improvement and supports our outlook for stronger financial results in 2024 and beyond, said Chris Bradshaw, President and CEO of Bristow Group.
Operating Revenues and Expenses
Operating revenues in Q3 2023 were $18.7 million higher compared to Q2 2023, primarily due to higher utilization in each geographic region and higher lease payments received from Cougar Helicopters Inc. Operating expenses were consistent with the preceding quarter, with personnel and fuel costs being higher, offset by lower insurance costs, repairs, and maintenance, and other operating costs.
Liquidity and Capital Allocation
As of September 30, 2023, the company had $207.5 million of unrestricted cash and $66.8 million of remaining availability under its amended asset-based revolving credit facility, for total liquidity of $274.4 million.
2023 and 2024 Outlook
The company raised its full-year 2023 Adjusted EBITDA guidance range to $165-$175 million. For the calendar years 2023 and 2024, the company expects total operating revenues of $1,240 - $1,272 million and $1,295 - $1,465 million, respectively. Adjusted EBITDA, excluding asset dispositions and foreign exchange, is projected to be $165 - $175 million for 2023 and $190 - $220 million for 2024.
Explore the complete 8-K earnings release (here) from Bristow Group Inc for further details.
This article first appeared on GuruFocus.
