Helicopter services company Bristow Group quadrupled fiscal second-quarter net income compared to the previous quarter while posting modest revenue gains. In the quarter, Bristow reported $307.3 million in revenues, up $5.6 million from the previous quarter, while net income quadrupled to $16.5 million. Much of the increase can be traced to lower income taxes, which dropped by $8 million quarter-over-quarter, and a net gain of $3.4 million from disposal of three aircraft.
Results for the quarter were somewhat muted by a higher valuation of the U.S. dollar versus the British pound and Norwegian krone, as well as inflationary pressures that added $6.9 million worth of higher personnel, repair, and maintenance costs. Nevertheless, CEO Chris Bradshaw said the results represented an upward trend for the company reflective of an improving environment for the offshore helicopter market.
“The strengthening fundamentals in the offshore oil and gas market indicate that we are in the early innings of a multi-year growth cycle," said Bradshaw. "International supply challenges and energy security concerns are expected to drive increased demand for services, while a tighter equipment market, constrained global labor force, and inflationary cost pressures should drive a material increase in rates. Combined with new contract additions in our government services business and improved activity levels for our fixed-wing business in Australia, the fundamentals for Bristow's business are improving significantly.”