Erickson Air-Crane cuts guidance, shares fall

|About: Erickson Air-Crane (EAC)|By:, SA News Editor

Erickson Air-Crane (EAC -15.4%) plummets after the company's Q3 results miss on both lines.

58% growth on the top-line is attributed largely to acquisitions (Evergreen).

Legacy business revenues fell during the quarter, EAC says.

Adjusted EBITDA: +24% to $47.4M.

"Our softer than expected financial performance reflects a lighter North American firefighting season, a timing shift of contract activity in our South American oil and gas business and penalties for the Evergreen Helicopters fleet," CEO Udo Rieder says.

Cash and available credit (revolver) as of September 30 were $5.3M and $11.3M, respectively.

FY13 outlook (pro forma to include acquisitions): EPS of $1-1.25 (versus previous guidance of $1.36-1.58) on revenue of $385-395M. As reported: Adjusted EPS of $1.20-1.50 (versus previous guidance of $1.54-1.75) on sales of $310-320M (versus previous guidance of $325-335M). (PR)