Bristow Group Beats Big on the Bottom Line
Energy industry helicopter service provider Bristow Group reported fiscal 2014 second-quarter results today after the markets closed, showing that it posted net revenues of $417.3 million, a robust 14% increase from the same period in the previous year, and ahead of the $406.3 million Capital IQ consensus estimate.
While adjusted net income came in at $46.5 million, or $1.27 per share, well above the $29.2 million, or $0.80 per share, in the same period in 2012, it was $0.23-per-share better than the CapIQ estimates of $1.04 per share.
Bristow says the gains it made were a result of improved pricing and increased activity in its Europe and West Africa divisions, as well as its Cougar Helicopters business that began operations in October 2012.
The helicopter operator raised guidance at both ends of its earnings range, estimating full-year results will be between $4.25 to $4.55 per share, though analysts anticipate Bristow Group will post earnings of $4.38 per share on revenues of $1.8 billion.
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