The Bristow Group released its financial report for Q2, FY22-23, reporting a strong net income of $16.5 million as compared to $4.0 million in the last quarter. The company reported operating revenue of $299.4 million, showing an increase of $3.3 million compared to Q1 of FY22-23.
Bristow Group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) as $42.7 million in Q2 compared to $39.0 million in the preceding quarter. EBITDA adjusted to exclude special items, gains or losses on asset dispositions and foreign exchange gains was $33.9 million in the Q2 compared to $37.1 million in the last quarter.
Chris Bradshaw, President, and CEO of Bristow Group, said: “International supply challenges and energy security concerns are expected to drive increased demand for services, while a tighter equipment market, constrained global labour force, and inflationary cost pressures should drive a material increase in rates.”
The Group reported total revenue of $307.3 million in Q2 FY23 compared to $301.7 million in Q1 FY23 with an unrestricted cash balance was $199.5 million and total liquidity of $251.2 million
“Combined with new contract additions in our government services business and improved activity levels for our fixed-wing business in Australia, the fundamentals for Bristow's business are improving significantly. A strong US dollar is, unfortunately, muting the full impact of these improvements in our calendar year 2023 financial outlook," Chris concluded.
The Group disposed of three helicopters and other assets and recognised a net gain of $3.4 million. During the last quarter, the company recognized a loss on disposal of assets of $2.1 million from the sale of five helicopters.