Bristow Group has posted a profit of US$4.3 million for the third quarter of 2023 compared with a $1.6m loss in Q2. The improved result came as revenues rose by $21.8m to $333.3m and despite a greater forex hit of $56m compared with $39m in Q2 as the Pound continued to strengthen against the Dollar.
The company said the results are in line with its expectations for the second half of 2023, confirmed by Bristow’s CEO Chris Bradshaw, who commented on the results statement: “Consistent with our outlook that the second half of 2023 would mark the positive inflection point for Bristow’s financial results, Q3 Adjusted EBITDA of $56.6 million represents a 45% sequential quarter improvement and supports our outlook for stronger financial results in 2024 and beyond. We are raising the Company’s full-year 2023 Adjusted EBITDA guidance range to $165-$175 million. The fundamentals for Bristow’s business continue to strengthen, supporting our belief that we are in the early stages of a multi-year growth cycle. With the largest and most diverse aircraft fleet in the industry and the largest operational footprint, Bristow is well-positioned to benefit from opportunities in this upcycle.”
