Wednesday, Bristow Group Inc. (BRS), a provider of helicopter services to offshore energy industry, announced a surge in third quarter net income available to common shareholders. Net income from continuing operations also increased on gain from sale of aircraft. Further, the company said the softening of demand of service would continue. Shares of Bristow are currently down more than 13% on NYSE.
The Houston,Texas-based company reported a net income of $47.593 million compared to $20.148 million a year ago. Net income available to common shareholders recorded a more than double growth to $44.431 million from $16.986 million in the prior year. Income from continuing operations came in at $47.593 million or $1.34 per share compared to $26.234 million or $0.86 per share in the previous year. Excluding items, the company recorded earnings of $0.61 per share.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.70 per share. Analysts' estimates typically exclude special items.
Bristow Group said the sale of 53 small aircraft and related assets contributed $24.4 million to quarterly income from continuing operations and $0.69 cents to earnings per share. Strengthening US dollar and resulting changes in foreign currency exchange rates offset the increase.
Bristow reported an increase in revenue to $282.987 million from $261.520 million last year. The company said the revenue gains were driven in large part by increase in rates, the addition of new aircraft and consolidation of the Norwegian affiliate Norsk Helikopters AS. Analysts were looking for $299.09 million.
For the nine-month period, the company posted a net income available to shareholders of $88.536 million compared to $67.283 million in the previous year. Income from continuing operations increased to $98.269 million from $81.479 million last year.
Revenue for the period rose to $858.798 million from $752.479 million in the previous year.
Looking ahead, the company said the demand for services has softened and may continue to do so. Bristow also noted that it would continue to apply pricing and investment discipline.
BRS is currently trading at $23.19, down $3.73 or 13.86% on a volume of 895K shares.
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