Bristow Group Inc. (VTOL) Bundle
A Brief History of Bristow Group Inc.
Company Overview
Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions, primarily servicing the offshore energy sector and government entities. The company is headquartered in Houston, Texas, and operates a diverse fleet of helicopters and fixed-wing aircraft.
Financial Performance
As of the third quarter of 2024, Bristow reported total revenues of $365.1 million, an increase from $359.7 million in the previous quarter. The net income for the quarter was $28.2 million, or $0.95 per diluted share, compared to $28.2 million and $0.96 per diluted share in Q2 2024.
| Financial Metrics | Q3 2024 | Q2 2024 |
|---|---|---|
| Total Revenues | $365.1 million | $359.7 million |
| Net Income | $28.2 million | $28.2 million |
| EBITDA | $63.9 million | $63.7 million |
| Adjusted EBITDA | $70.5 million | $70.3 million |
| Cash and Cash Equivalents | $208.6 million | $183.7 million |
Operating Segments
Bristow's operating revenues are segmented into offshore energy services, government services, and fixed-wing services. In Q3 2024, the breakdown was as follows:
| Service Type | Q3 2024 Revenue (in thousands) |
|---|---|
| Offshore Energy Services | $233,654 |
| Government Services | $85,229 |
| Fixed Wing Services | $35,543 |
| Other Services | $2,000 |
Operational Highlights
As of September 30, 2024, Bristow's total fleet consisted of 213 aircraft, including 196 helicopters, 13 fixed-wing aircraft, and 4 unmanned aerial systems. The average age of the fleet is approximately 15 years.
| Fleet Composition | Owned Aircraft | Leased Aircraft | Total Aircraft |
|---|---|---|---|
| Heavy Helicopters | 53 | 33 | 86 |
| Medium Helicopters | 64 | 4 | 68 |
| Light Helicopters | 28 | — | 28 |
| Fixed Wing | 9 | 4 | 13 |
| Unmanned Aerial Systems | 4 | — | 4 |
| Total Fleet | 171 | 42 | 213 |
Future Outlook
Bristow Group has increased its full-year 2024 Adjusted EBITDA guidance range to $220 - $230 million, reflecting optimism in the offshore energy services sector and government contracts.
| 2024 Financial Outlook (in millions) | Low Estimate | High Estimate |
|---|---|---|
| Operating Revenues | $1,355 | $1,410 |
| Adjusted EBITDA | $220 | $230 |
| Cash Interest | $40 | $45 |
| Cash Taxes | $20 | $25 |
A Who Owns Bristow Group Inc. (VTOL)
Major Shareholders
As of 2024, Bristow Group Inc. (VTOL) has a diverse ownership structure, primarily composed of institutional investors and individual shareholders. The major shareholders include investment firms, mutual funds, and other institutional entities.
| Shareholder Name | Ownership Percentage | Type of Ownership |
|---|---|---|
| The Vanguard Group, Inc. | 15.2% | Institutional Investor |
| BlackRock, Inc. | 10.5% | Institutional Investor |
| Dimensional Fund Advisors LP | 7.8% | Institutional Investor |
| FMR LLC (Fidelity) | 6.3% | Institutional Investor |
| Wellington Management Group LLP | 5.1% | Institutional Investor |
| Other Institutional Investors | 55.1% | Various |
| Individual Shareholders | 25.0% | Retail Investors |
Stock Performance
The stock performance of Bristow Group Inc. has shown fluctuations over the past year. As of November 2024, the stock price is approximately $29.75 per share, with a market capitalization of approximately $850 million. The stock has experienced a year-to-date increase of around 15%.
Financial Overview
Bristow Group reported total revenues of $365.1 million for the third quarter of 2024, with a net income of $28.2 million. The company's adjusted EBITDA for the same quarter was $60.2 million, reflecting the operational efficiency and financial health of the organization.
| Financial Metric | Q3 2024 | Q2 2024 |
|---|---|---|
| Total Revenues | $365.1 million | $359.7 million |
| Net Income | $28.2 million | $28.2 million |
| EBITDA | $63.9 million | $63.7 million |
| Adjusted EBITDA | $60.2 million | $71.3 million |
Liquidity Position
As of September 30, 2024, Bristow Group held $208.6 million in cash and cash equivalents, alongside total current assets of approximately $594.4 million. The company's liquidity position is further supported by $59.6 million available under its revolving credit facility, providing a total liquidity of $259.9 million.
Future Outlook
The company has raised its full-year 2024 adjusted EBITDA guidance range to $220 - $230 million, indicating a positive outlook for the remainder of the year.
| Outlook Metric | 2024 Estimate |
|---|---|
| Total Operating Revenues | $1,355 - $1,410 million |
| Adjusted EBITDA | $220 - $230 million |
| Cash Interest | ~$40 million |
| Cash Taxes | $20 - $25 million |
| Maintenance Capital Expenditures | $15 - $20 million |
Bristow Group Inc. (VTOL) Mission Statement
Bristow Group Inc. is recognized as a leading global provider of innovative and sustainable vertical flight solutions. The company primarily offers aviation services to a diverse range of offshore energy companies and government entities, focusing on safety, reliability, and efficiency.
Company Overview
As of September 30, 2024, Bristow Group operates a fleet of 213 aircraft, including 196 helicopters and 13 fixed-wing aircraft. The company provides essential services such as personnel transportation, search and rescue (SAR), medevac, and unmanned systems.
Financial Performance
In the third quarter of 2024, Bristow reported:
- Total revenues of $365.1 million, up from $359.7 million in Q2 2024.
- Net income of $28.2 million, or $0.95 per diluted share.
- Adjusted EBITDA guidance for 2024 raised to a range of $220 - $230 million.
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Change |
|---|---|---|---|
| Operating Revenues | $356.4 million | $352.5 million | +$3.9 million |
| Net Income | $28.2 million | $28.2 million | No Change |
| EBITDA | $63.9 million | $63.7 million | +$0.2 million |
| Adjusted EBITDA | $70.5 million | $70.3 million | +$0.2 million |
| Cash and Cash Equivalents | $208.6 million | $183.7 million | +$24.9 million |
Segment Performance
Bristow's revenues are categorized into three primary service lines:
| Service Line | Q3 2024 Revenue | Q2 2024 Revenue |
|---|---|---|
| Offshore Energy Services | $233.7 million | $238.5 million |
| Government Services | $85.2 million | $79.5 million |
| Fixed Wing Services | $35.5 million | $32.0 million |
Liquidity Position
As of September 30, 2024, Bristow reported:
- Total liquidity of $259.9 million, comprising $200.3 million in unrestricted cash and $59.6 million available under its asset-based revolving credit facility.
- Long-term debt of $612.2 million, compared to $534.8 million at the end of 2023.
Fleet Composition
| Aircraft Type | Owned Aircraft | Leased Aircraft | Total Aircraft | Max Passenger Capacity | Average Age (years) |
|---|---|---|---|---|---|
| Heavy Helicopters | 36 | 29 | 65 | 19 | 15 |
| Medium Helicopters | 64 | 4 | 68 | 12 | 13 |
| Light Twin Helicopters | 13 | 1 | 14 | 7 | 17 |
| Light Single Helicopters | 28 | - | 28 | 4 | 26 |
| Fixed Wing | 9 | 4 | 13 | - | - |
| Unmanned Aerial Systems (UAS) | 4 | - | 4 | - | - |
Market Position
Bristow serves customers in various global regions, including:
- Europe
- Americas
- Africa
- Asia Pacific
How Bristow Group Inc. (VTOL) Works
Company Overview
Bristow Group Inc. (NYSE: VTOL) is a leading global provider of innovative aviation services, primarily catering to the offshore energy sector and government agencies. The company specializes in personnel transportation, search and rescue (SAR), medevac, fixed wing transportation, unmanned systems, and ad-hoc helicopter services.
Financial Performance
As of the third quarter of 2024, Bristow reported total revenues of $365.1 million, a slight increase from $359.7 million in the second quarter of 2024. The net income for Q3 2024 was $28.2 million, or $0.95 per diluted share, compared to $28.2 million, or $0.96 per diluted share, in Q2 2024.
| Financial Metrics | Q3 2024 | Q2 2024 |
|---|---|---|
| Total Revenues | $365.1 million | $359.7 million |
| Net Income | $28.2 million | $28.2 million |
| Diluted EPS | $0.95 | $0.96 |
| EBITDA | $63.9 million | $63.7 million |
| Adjusted EBITDA | $70.5 million | $70.3 million |
| Adjusted EBITDA (excl. asset disposals) | $60.2 million | $71.3 million |
Operating Segments
Bristow operates primarily in three segments: Offshore Energy Services, Government Services, and Fixed Wing Services. The breakdown of operating revenues by line of service for Q3 2024 is as follows:
| Service Line | Q3 2024 Revenue (in thousands) | Q2 2024 Revenue (in thousands) |
|---|---|---|
| Offshore Energy Services | $233,654 | $238,491 |
| Government Services | $85,229 | $79,476 |
| Fixed Wing Services | $35,543 | $31,987 |
| Other Services | $2,000 | $2,540 |
| Total Operating Revenues | $356,426 | $352,494 |
Balance Sheet Highlights
As of September 30, 2024, Bristow's total assets amounted to $2.088 billion, with total liabilities of $1.190 billion. The company had unrestricted cash of $208.6 million and total stockholders' equity of $898.8 million.
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $2,088,309 |
| Total Liabilities | $1,189,549 |
| Total Stockholders' Equity | $898,760 |
| Unrestricted Cash | $208,581 |
Liquidity and Capital Expenditures
As of September 30, 2024, Bristow had total liquidity of $259.9 million, which includes $200.3 million of unrestricted cash and $59.6 million available under its amended asset-based revolving credit facility. In Q3 2024, the company made capital expenditures of $57.0 million, of which $8.0 million were maintenance capital expenditures.
Fleet Information
Bristow operates a diverse fleet of aircraft as of September 30, 2024, comprising 213 total aircraft, which includes helicopters, fixed-wing aircraft, and unmanned aerial systems. The fleet details are as follows:
| Aircraft Type | Owned | Leased | Total | Average Age (years) |
|---|---|---|---|---|
| Heavy Helicopters | 36 | 29 | 65 | 15 |
| Medium Helicopters | 64 | 4 | 68 | 13 |
| Light Twin Helicopters | 13 | 1 | 14 | 15 |
| Light Single Helicopters | 28 | — | 28 | 18 |
| Fixed Wing | 9 | 4 | 13 | — |
| Unmanned Aerial Systems | 4 | — | 4 | — |
| Total Fleet | 154 | 34 | 213 | — |
How Bristow Group Inc. (VTOL) Makes Money
Operating Revenues
Bristow Group generates its revenue primarily through three segments: offshore energy services, government services, and fixed wing services. For the third quarter of 2024, the total operating revenues were $356.4 million, with a breakdown as follows:
| Segment | Q3 2024 Revenue (in thousands) | Q2 2024 Revenue (in thousands) |
|---|---|---|
| Offshore Energy Services | 233,654 | 238,491 |
| Government Services | 85,229 | 79,476 |
| Fixed Wing Services | 35,543 | 31,987 |
| Other Services | 2,000 | 2,540 |
| Total Operating Revenues | 356,426 | 352,494 |
Revenue Growth Factors
In Q3 2024, Bristow reported a revenue increase of $3.9 million compared to Q2 2024. This growth was driven by:
- Increased government services revenue due to higher utilization and favorable currency exchange rates.
- Higher fixed wing services revenue attributed to improved utilization rates.
- Offset by a decrease in offshore energy services primarily due to lower utilization in the Americas.
Costs and Expenses
Total costs and expenses for Q3 2024 were $331.9 million, compared to $315.4 million in Q2 2024. Key components include:
| Expense Category | Q3 2024 (in thousands) | Q2 2024 (in thousands) |
|---|---|---|
| Operating Expenses | 262,692 | 246,421 |
| Reimbursable Expenses | 8,827 | 7,212 |
| General and Administrative Expenses | 42,898 | 44,933 |
| Depreciation and Amortization Expense | 17,569 | 16,848 |
| Total Costs and Expenses | 331,986 | 315,414 |
Profitability Metrics
Bristow's net income for Q3 2024 was $28.2 million, translating to diluted earnings per share of $0.95. The earnings before interest, taxes, depreciation, and amortization (EBITDA) was reported at $63.9 million. Adjusted EBITDA, excluding special items, was $70.5 million for the same period. The adjusted EBITDA outlook for the full year 2024 has been raised to a range of $220 million to $230 million.
Liquidity and Capital Allocation
As of September 30, 2024, Bristow had total liquidity of approximately $259.9 million, comprising $200.3 million in unrestricted cash and $59.6 million available under its revolving credit facility. The company reported cash provided by operating activities of $66.0 million for Q3 2024, with maintenance capital expenditures totaling $8.0 million.
Future Outlook
Bristow Group anticipates continued growth in both offshore energy and government services. The company is focused on optimizing its contract portfolio and enhancing operational efficiencies, aiming for total operating revenues in the range of $1.355 billion to $1.410 billion for 2024.
| Financial Outlook for 2024 | Estimated Amount (in millions) |
|---|---|
| Offshore Energy Services | $900 - $930 |
| Government Services | $330 - $340 |
| Fixed Wing Services | $120 - $130 |
| Other Services | $5 - $10 |
| Total Operating Revenues | $1,355 - $1,410 |
| Adjusted EBITDA (excluding asset dispositions and FX) | $220 - $230 |
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Resources:
- Bristow Group Inc. (VTOL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bristow Group Inc. (VTOL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bristow Group Inc. (VTOL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.