Bristow Group, Inc. (BRS) Wednesday said its fourth quarter profit decreased to $14.2 million or $0.39 per share from $30.9 million or $0.84 per share in the same period a year ago.
Fourth-quarter profit was negatively affected by an impact of $30.7 million related to aircraft sales activities, including a loss on disposal of assets of $28.6 million and other expenses. Direct costs and general and administrative expenses also increased $31.0 million year-over-year.
Adjusted earnings, which excludes special items and asset disposition effects, was $44.6 million or $1.22 per share, compared to $31.7 million or $0.86 per share last year.
On average, five analysts polled by Thomson Reuters expected the company to earn $1.00 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Operating revenue for the quarter increased 16 percent to $318.7 million from $273.7 million last year. Analysts expected revenues of $326.43 million for the quarter.
Looking ahead to the fiscal year 2013, the company forecast earnings in the range of $3.25 to $3.55 per share. Analysts currently expect the company to earn $4.28 per share for 2013.
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