Bristow Group Inc. has reported its second quarter 2024 results, showing a significant increase in various financial metrics compared to the first quarter of 2024. The company's total revenues for Q2 2024 were $359.7 million, up from $337.1 million in Q1 2024. Net income also saw a substantial rise, reaching $28.2 million in Q2 2024 compared to $6.6 million in Q1 2024.
Additionally, the adjusted EBITDA, which excludes special items, asset dispositions, and foreign exchange losses, was $71.3 million in Q2 2024, a notable increase from $47.5 million in Q1 2024. The company's president and CEO, Chris Bradshaw, mentioned that they are raising the adjusted EBITDA guidance range to $210 million * $230 million for 2024 and $230 million * $260 million for 2025.
Breaking down the sequential quarter results, operating revenues were $23.1 million higher in the current quarter compared to the preceding one. This increase was primarily driven by higher utilization in the Americas and Africa for offshore energy services, though government services saw a decrease due to a change in rates and penalties related to lower availability.
The company's liquidity and capital allocation also showed positive signs, with $178.6 million of unrestricted cash and $67.8 million of remaining availability under its amended asset-based revolving credit facility as of June 30, 2024.
Furthermore, as a result of the second quarter earnings and a review of the forecast for the remainder of the year, the company raised its adjusted EBITDA guidance ranges from $190 * $220 million to $210 * $230 million for 2024 and from $210 * $245 million to $230 * $260 million for 2025.
The market has reacted to these announcements by moving the company's shares 2.6% to a price of $33.78. If you want to know more, read the company's complete 8-K report here.
