Bristow Group: Near Term Catalyst For 45% Drop
Richard Pearson • 29 Comments
Richard Pearson • 29 Comments
Tue, Aug. 23, 2:01 PM
Fri, Aug. 5, 2:59 PM
- Bristow Group (BRS +7.5%) is higher despite reporting a larger than expected Q2 loss on a 21% Y/Y drop in revenues, and warning that it will slide to a full-year loss as it copes with the energy industry downturn and currency headwinds created by the Brexit vote.
- BRS says it will cut planned capital spending by 40% over the next two years as oil and gas companies cut back on exploration and production.
- Helicopter overcapacity in the industry had been running as high as 20% before April's crash of a vehicle operated by rival CHC Group off the coast of Norway led to the grounding of the global commercial fleet and the company's bankruptcy filing in May.
Thu, Aug. 4, 5:47 PM
Thu, Aug. 4, 5:03 PM
Wed, Aug. 3, 5:35 PM
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Fri, Jul. 22, 2:00 PM
Fri, Jul. 22, 10:49 AM
- Bristow Group (BRS -5.5%) is sharply lower in early trading, perhaps attributable to a negative blog post by short seller Richard Pearson that predicts a 45% drop in the stock.
- In addition to the stock's 80% decline since mid-2015 as bankruptcy fears continue to slowly play out, Pearson points out that BRS has suffered a massive impact due to excess unhedged currency exposure to the British pound and the imploding Nigerian naira.
- The article notes accelerating resignations from management and board members, and that a key replacement director has highlighted specific expertise in bankruptcy.
- Pearson says the catalyst for a 40%-50% drop in the share price is the upcoming earnings call, with a number of new "surprise" disclosures.
Tue, Jul. 5, 5:19 PM
Tue, Jun. 21, 10:55 AM
- Bristow Group (NYSE:BRS) is heading lower in early trade, with the stock down 8.2%.
- BRS shares have fallen over 47% since the beginning of the year.
Tue, Jun. 7, 11:25 AM
- Bristow Group (BRS +2.3%) saw a wave of insider buying last week, notes Insider Monkey.
- CEO Jonathan Baliff (7.6K shares), CFO Don Miller (3.15K shares), CAO Hilary Ware (5K shares), director David Gompert (1.4K shares), and board member Ian Godden (10K shares) all added to their positions.
- Shares of Bristow are up 22% over the last five days.
Mon, Jun. 6, 2:18 PM
Mon, Jun. 6, 10:39 AM
Thu, Jun. 2, 8:22 AM
- Statoil (NYSE:STO) is scrambling to replace Airbus (OTCPK:EADSF, OTCPK:EADSY) search-and-rescue helicopters in the North Sea after Norway's aviation authority banned flights using two Airbus helicopter models following a fatal crash.
- Norway regulators have grounded the EC225LP and the AS332L2 helicopters, including their use for search and rescue operations, as of June 1; a previous flight ban only applied to passenger flights.
- The world's two largest helicopter operators, Bristow Group (NYSE:BRS) and CHC Group (OTCQX:HELIF), have suspended all flights using the EC225.
- The moves follow a government probe of the April crash of an Airbus EC225 helicopter off the Norwegian coast which killed 13 people.
Fri, May 27, 2:45 PM
Thu, May 26, 3:22 PM
- Bristow Group (BRS -28.1%) CEO Jonathan Baliff says for the first time that the helicopter operator may cancel some orders for new aircraft, amid expectations for a continuing decline in energy-related work.
- In today's earnings conference call, Baliff said the uncertainty has forced BRS to withhold full-year profit guidance, as oil and gas companies cut back on exploration and production, reducing demand for helicopter flights.
- The CEO said BRS plans to return some helicopters to lessors when leases expire and has been in talks with manufacturers to defer some deliveries, but that cancellations are a possibility.
- BRS gets ~75% of its revenue from the energy industry, and its FQ4 revenue from the sector fell 29% Y/Y; overall revenue for the quarter fell 10% to $375M, well below analyst consensus of $407M (FQ4 earnings).
- Now read Bristow Group: Strong sell due to misleading behavior, looming covenant violation, and likely bankruptcy
Thu, May 26, 2:00 PM
Bristow Group, Inc. engages in the provision of helicopter services to national and independent oil and gas companies. It also offers search-and-rescue services; aircraft support services such as helicopter maintenance, modification of repair; and helicopter pilot training. The company was... More
Industry: Air Services, Other
Country: United States