Bristow has announced losses for the first quarter of 2023 of US$1.5m on revenues of $292.9m. This compares with a loss of $7m on revenues of $304.3 m in the previous quarter. When viewed on a per-share basis, this equates to -$0.05 versus -$0.25.
Discussing the results, Bristow President and CEO Chris Bradshaw said, “Consistent with our previously issued financial guidance and commentary, the first quarter was expected to represent the company’s softest financial results due to typical seasonality as well as the transition of aircraft between the end of a contract at year-end 2022 and the commencement of newly awarded contracts over the course of 2023. Actual first-quarter results were higher than management’s estimates, and we are pleased to affirm Bristow’s full-year 2023 financial guidance. The fundamentals for Bristow’s business are improving significantly, and the EBITDA run rate at year-end is expected to be significantly higher than the first half of the year, setting up positively for stronger financial results in 2024.”
