Bristow Group reported revenues of $302 million for the quarter ended March 31 2023, down 11.6 million quarter-0n-quarter.
The company, which "primarily provides aviation services to a broad base of offshore energy companies and government entities", reported a loss of $1.5 million, or $0.05 per diluted share, compared to a $ million, or $0.25 per diluted share loss for the previous quarter. for the quarter.
Earnings, or "EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses", was $28.9 million down on the $36.3 million for Q4 2022, leaving the company with an unrestricted cash balance of $198.4 million, and liquidity of $274.9 million.
"Consistent with our previously issued financial guidance and commentary, the first quarter was expected to represent the pompany's softest financial results due to typical seasonality as well as the transition of aircraft between the end of a contract at year-end 2022 and the commencement of newly awarded contracts over the course of 2023," said Chris Bradshaw, president and chief executive.
"Actual first quarter results were higher than management's estimates, and we are pleased to affirm Bristow's full year 2023 financial guidance. The fundamentals for Bristow's business are improving significantly, and the EBITDA run rate at year-end is expected to be significantly higher than the first half of the year, setting up positively for stronger financial results in 2024," Bradshaw said.