Bristow Group Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Operating revenues for Q3 2024 reached $356.4 million, up from $330.3 million in Q3 2023, while total revenues increased to $365.1 million from $338.1 million. For the nine-month period, operating revenues rose to $1.038 billion, an 11.1% increase from $934.7 million in 2023. Total revenues for the nine months also grew to $1.062 billion, compared to $959.5 million in the prior year.
The company’s profitability saw a remarkable boost, with net income for Q3 2024 soaring to $28.3 million, a substantial increase from $4.3 million in Q3 2023. For the nine months, net income reached $63.1 million, compared to just $1.2 million in the same period last year. Basic earnings per share for Q3 2024 were $0.99, up from $0.15 in Q3 2023, while for the nine months, it increased to $2.21 from $0.04.
Bristow's operating income also improved, with Q3 2024 reporting $33.2 million compared to $29.6 million in Q3 2023. For the nine-month period, operating income surged to $100.8 million from $41.2 million in 2023. The increase in operating income was driven by higher revenues from offshore energy services, which totaled $233.7 million in Q3 2024, up from $213.0 million in Q3 2023.
The company’s total assets increased to $2.088 billion as of September 30, 2024, from $1.937 billion at the end of 2023. Total stockholders’ equity also rose to $898.8 million from $823.2 million. However, long-term debt increased to $612.2 million from $534.8 million, reflecting ongoing investments and financing activities.
Bristow's capital expenditures for the nine months ended September 30, 2024, were $171.9 million, significantly higher than $62.1 million in the same period of 2023. The company has also made strategic moves, including entering into long-term equipment financing agreements to support its operations and fleet expansion.
Overall, Bristow Group Inc. has demonstrated strong financial performance and strategic growth, positioning itself favorably in the aviation services sector for offshore energy and government entities.
About Bristow Group Inc.
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