Bristow Group Inc. (BRS), a provider of helicopter services to the offshore energy industry, Wednesday posted a surge in fourth-quarter profit, helped by higher revenues, while the prior-year quarter was impacted by asset disposal-related losses. Revenues for the quarter topped Wall Street estimates.
"We benefited from increased activity in most of our business units driven by increased demand from our clients for our services and improved contract terms," said CEO William Chiles.
The company is set to tap the growing global demand for its services, and is betting high on its investments in Atlantic Canada and Brazil, said Chiles.
Houston, Texas-based Bristow reported quarterly net earnings of $40 million or $1.11 per share, compared with $14 million or $0.39 per share last year.
Results for the quarter included a gain on disposal of assets of $7.2 million, compared with a loss of $28.6 million last year.
Excluding items, adjusted earnings for the quarter were $36.7 million or $1.01 per share, compared with $44.6 million or $1.22 per share in the prior year.
On average, 8 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue for the quarter grew 10 percent to $350.7 million from $318.7 million in the prior year.
Gross revenue for the quarter climbed to $391.6 million from $358 million last year. Analysts had a consensus revenue estimate of $389.56 million.
Growth was led by a stronger aircraft fleet in Canada, while the regions of Europe, West Africa, and the US Gulf of Mexico benefited from new contracts and pricing improvements. This was partly offset by lower revenue at its Australia business unit due to the end of short-term contracts.
Results for the quarter also benefited from an increase in earnings from unconsolidated affiliates, related mainly to an improvement in earnings from its investment in Lider in Brazil.
Bristow, which suffered from three accidents involving single-engine aircraft in its commercial operations during the fiscal year, said it is striving to prevent such occurrences.
For fiscal year 2014, the company estimates adjusted earnings of $4.20 to $4.50 per share.
Analysts currently expect earnings of $4.47 per share for 2014.
The company's stock closed Wednesday at $66.23, down 1.49%, on a volume of 204 thousand shares on the NYSE. In after hours, the stock gained $1.00 or 1.52%.
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