Bristow Profit Nearly Doubles as Berry Aviation Deal Reshapes Government Unit

EarningsM&A · Partnership
โดย Insider Monkey·US·Read original
Summary · why it matters

Bristow Group reported second-quarter net income of $21.2 million, or $0.70 per diluted share, up sharply from $13.1 million, or $0.44 per share, in the first quarter, on total revenue of $411.8 million, up from $388.7 million, and adjusted EBITDA of $79.8 million, up from $59.3 million. The company closed its acquisition of Berry Aviation for $105.0 million in cash on July 13, adding special missions, intelligence and reconnaissance, maintenance and repair, training, unmanned aircraft systems development and on-demand cargo logistics to its Government Services segment, while affirming full-year adjusted EBITDA guidance of $295 million to $325 million. Offshore Energy Services, which generates the bulk of Bristow's business, saw revenue rise to $261.6 million from $254.3 million as operating margin expanded to 18% from 14%. Government Services revenue rose to $112.2 million from $107.9 million, but the segment swung to an operating loss of $2.1 million from operating income of $0.9 million, as aircraft availability penalties tied to supply chain challenges cost $3.6 million. Bristow ended the quarter with $312.3 million in unrestricted cash and $371.6 million in total liquidity, operating cash flow flipped positive to $41.1 million from negative $8.3 million, and the company declared a quarterly dividend of $0.125 per share on July 30, payable August 28.

Impact on stocks 2

Energy▲ · 1 stocks
Bristow Group Inc
VTOL
▲ PositiveCapitalrelevance

Q2 net income nearly doubled to $21.2M with revenue up to $411.8M and adjusted EBITDA up to $79.8M, plus affirmed full-year EBITDA guidance.

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 1

Berry AviationPrivate▲ Positive
Capitalrelevance

Bristow closed its $105.0M cash acquisition of Berry Aviation, adding special missions, ISR, MRO, training, UAS and cargo logistics capabilities.

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