- 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)
Erickson Air-Crane cuts guidance, shares fall
Nov 8 2013, 12:08 ET