Bristow Group - a provider of vertical takeoff and landing (VTOL) transportation and aircraft support solutions to government and civil organisations - has reported a net income of $28.2 million, or 96 cents per diluted share in the second quarter of the year. It marks a strong increase over last year's second quarter net loss of $1.6 million.
The company's revenues of $59.7 million surpassed in the quarter surpassed the $319.4 million in revenues from last year's second quarter.
Adjusted operating profit was $70.3 million, swinging from its adjusted operating loss last year of $39 million.
""In conjunction with Bristow's very strong second quarter financial results, we are pleased to raise the company's adjusted EBITDA guidance range to $210-$230 million in 2024 and $230-$260 million in 2025,"" said Bristow Group president and CEO Chris Bradshaw. ""This financial outlook is aligned with our conviction that we are in the early stages of a multi-year growth cycle.
""The growth and diversification of our government services business, along with an accelerating offshore energy upcycle and tight supply dynamic, are increasing the company's visibility for significant improvements in margins, free cash flow and capital returns.""
It also estimated total operating revenues of $1.36bn for full year 2024 and $1.44bn in full year 2025.
As of June 30, 2024, the company had $178.6 million of unrestricted cash and $67.8 million of remaining availability under its amended asset-based revolving credit facility for total liquidity of $246.4 million.
Bristow Group's profits soar, raises guidance
