Free Research Report as Bristow's Quarterly Operating Revenues Increased 5.41%
LONDON, UK / ACCESSWIRE / June 25, 2018 / If you want access to our free earnings report on Bristow Group Inc. (NYSE: BRS) ("Bristow"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BRS. The Company reported its financial results on May 23, 2018, for the fourth quarter and full fiscal year 2018 ended March 31, 2018. The Company surpassed analysts' estimates for earnings but missed revenue forecasts for Q4 FY18.
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, Bristow's total operating revenues reached $341.18 million, reflecting an increase of 5.41% from $323.65 million in Q4 FY17, primarily driven by the increase in UK SAR services and an increase in fixed wing services in Europe Caspian, Asia/Pacific, and Africa regions. The Company's total revenue numbers missed analysts' estimates by $1.53 million. The Company's operating revenues from non-affiliates increased 6.21% to $325.64 million on a y-o-y basis, while its operating revenues from affiliates declined 8.92% to $15.54 million in the reported quarter. Bristow had reimbursable revenues from non-affiliates of $17.27 million in Q4 FY18, up 37.66% on a y-o-y basis.
During Q4 FY18, Bristow incurred total operating expenses of $374.24 million, 4.98% higher than $356.47 million in Q4 FY17. The Company had an operating loss of $107.84 million in the reported quarter compared to $19.53 million in the previous year's same quarter. Bristow had adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $22.88 million in Q4 FY18, up 520.61% from $3.69 million in Q4 FY17.
Bristow's net loss attributable to common shareholders was $100.90 million in the quarter ended March 31, 2018, versus a net loss of $78.04 million in the comparable period of last year. The Company had a diluted loss per share of $2.84 in Q4 FY18 compared to $2.22 in Q4 FY17. The Company's earnings for the reported quarter included special items such as loss on impairment of investment in Líder in Brazil; organizational restructuring costs; charges from early extinguishment of debt; loss on disposal of assets; and tax benefit due to the Tax Cuts and Jobs Act 2017 (TCJA). Bristow's adjusted diluted loss per share, excluding special items, was $0.48 in the quarter under review, which was lower than $1.15 in the prior year's corresponding quarter. Market analysts' had expected the Company to report a loss per share of $0.66 in Q4 FY18.
For the year ended March 31, 2018, Bristow's total operating revenues were $1.38 billion, an increase of 2.71% from $1.35 billion in the same period of last year, led by an increase of 3.21% in non-affiliate revenues and a decline of 6.08% in affiliate revenues. The Company had an operating loss of $148.84 million in the reported year compared to $91.74 million in the previous year. Bristow's net loss attributable to common shareholders was $195.66 million, or $5.54 loss per diluted share, in FY18 compared to a net loss of $170.54 million, or $4.87 loss per diluted share, in FY17. Bristow's adjusted loss per share, excluding non-recurring items, was $2.13 in FY18, which was the same as in FY17.
Segment Details
During Q4 FY18, Bristow's Europe Caspian segment reported revenues of $194.43 million, up 19.64% on a y-o-y basis. The segment had adjusted EBITDA of $22.79 million in Q4 FY18 compared to $1.89 million in Q4 FY17.
Bristow's Africa segment's net revenues descended 3.70% to $45.31 million on a y-o-y basis in Q4 FY18. The segment had adjusted EBITDA of $12.21 million in the quarter under review, up 0.08% from $12.20 million in the year ago comparable quarter.
During Q4 FY18, Bristow's Americas segment's net revenues were $57.48 million, up 10.61% on a y-o-y basis. The segment had adjusted EBITDA of $7.58 million in Q4 FY18, an increase of 34.52% from $5.64 million in Q4 FY17.
Bristow's Asia/Pacific segment's net revenues declined 23.64% to $47.83 million on a y-o-y basis in Q4 FY18. The segment had an adjusted loss before interest, taxes, and depreciation of $1.93 million in the quarter under review compared to adjusted EBITDA of $5.49 million in the year ago corresponding quarter.
Cash Matters
Bristow had cash and cash equivalents of $380.22 million as on March 31, 2018, 293.38% higher than $96.66 million as on March 31, 2017. The Company had a long-term debt, less current maturities, of $1.43 billion at the end of FY18, an increase of 24.23% from $1.15 billion at the end of FY17.
Bristow's cash used in operating activities was $19.54 million in FY18 compared to a cash inflow of $11.54 million in FY17. The Company incurred a capital expenditure of $46.29 million in the reported year, 65.74% lower than $135.11 million in the previous year.
Bristow distributed common stock dividends of $2.47 million in FY18 compared to $9.83 million in FY17.
Outlook
For the full fiscal year 2019, Bristow expects operating revenues to be between $1.25 billion to $1.35 billion, and adjusted EBITDA to be between $90 million and $140 million.
Stock Performance Snapshot
June 22, 2018 - At Friday's closing bell, Bristow Group's stock rose 5.54%, ending the trading session at $14.10.
Volume traded for the day: 891.45 thousand shares, which was above the 3-month average volume of 665.55 thousand shares.
Stock performance in the last three-month – up 7.39%; previous six-month period – up 11.11%; past twelve-month period – up 99.15%; and year-to-date – up 4.68%
After last Friday's close, Bristow Group's market cap was at $498.75 million.
The stock has a dividend yield of 1.99%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was up 2.4% at the end of the session.
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