Bristow Group Inc. Reports 4.3% Revenue Increase to $350.5 Million for Q1 2025

Bristow Group Inc. reported a total revenue of $350.5 million for the three months ended March 31, 2025, marking an increase of 4.3% from $337.1 million in the same period last year. The company's operating income also saw a significant rise, reaching $33.5 million compared to $22.8 million in the prior year, resulting in a net income attributable to Bristow Group Inc. of $27.4 million, up from $6.6 million in the previous year. This translates to earnings per share of $0.95 on a basic basis, compared to $0.23 a year earlier.

In terms of operational performance, Bristow's Offshore Energy Services segment generated $239.8 million in revenue, an increase from $229.9 million in the prior year. The Government Services segment also contributed positively, with revenues rising to $85.9 million from $82.2 million. However, the Other Services segment experienced a decline, with revenues falling to $24.8 million from $25.0 million. The overall increase in revenue was attributed to higher utilization rates and new contracts, particularly in the Government Services segment, which benefited from the commencement of the Irish Coast Guard contract.

Bristow's total operating expenses increased slightly to $317.1 million from $315.6 million year-over-year, with personnel costs rising to $87.3 million from $84.2 million. The company reported a decrease in fuel costs, which fell to $18.9 million from $21.6 million, reflecting improved operational efficiencies. The company also noted a significant increase in other income, primarily due to foreign exchange gains, which contributed to the overall improvement in net income.

As of March 31, 2025, Bristow's total assets stood at $2.17 billion, up from $2.13 billion at the end of 2024. The company reported a total debt of $701.9 million, which includes its 6.875% Senior Notes and other secured debts. The company has also made significant capital commitments, totaling $169.2 million for the purchase of new helicopters, with deliveries scheduled for 2025 and 2026.

Looking ahead, Bristow Group Inc. remains focused on expanding its service offerings and geographic reach, particularly in government services and advanced air mobility. The company is closely monitoring market conditions, including the impact of tariffs and supply chain disruptions, which may affect operational costs and availability of aircraft components. Despite these challenges, Bristow is optimistic about its growth prospects, supported by a strong pipeline of contracts and a commitment to operational excellence.