Q3 2024 Bristow Group Inc Earnings Call Transcript
Key Points
- Bristow Group Inc (VTOL) raised its adjusted EBITDA guidance for full year 2024 to $220 million to $230 million, indicating strong financial performance.
- The company reported a 96% increase in operating cash flows, illustrating improved financial health.
- Positive demand trends and a tight supply of offshore helicopters are expected to improve margins, free cash flow, and capital returns.
- Bristow Group Inc (VTOL) has funded 60% of the capital investments needed for UK and Irish Coast Guard contracts, with the remaining expected to conclude in the next two quarters.
- The company maintains a strong balance sheet and liquidity position, with available liquidity of $260 million as of September 30.
- EBITDA adjusted to exclude special items decreased to $60.2 million for Q3 2024 from $71.3 million in the preceding quarter.
- Operating expenses increased by $16.3 million due to higher operating personnel costs, repairs, and maintenance.
- Lower utilization in Americas Offshore Energy Services contributed to a decrease in operating revenues.
- Supply chain challenges continue to impact the company, causing delays in parts delivery and repairs.
- The company experienced a decrease in utilization within the Americas region due to a completed project in Suriname and changes in accounting for Kouger.
Good day, everyone, and welcome to Bristow Group reports third-quarter 2024 earnings call. Today's call is being recorded. (Operator Instructions)
At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.
Thank you, Ravi. Good morning, everyone, and welcome to Bristow Group's third quarter of 2024 earnings call. I'm joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.
Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on slide 3 of our investor presentation. You may access the investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A
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