Bristow Group (BRS) Misses Q1 EPS by 35c, Lowers FY EPS Guidance
Bristow Group (NYSE: BRS) reported Q1 EPS of $0.56, $0.35 worse than the analyst estimate of $0.91. Revenue for the quarter came in at $440 million versus the consensus estimate of $441.7 million.
Bristow Group sees FY2015 EPS of $3.10-$3.75, versus prior guidance of $3.90-$4.40 and the consensus of $3.99.
"Due to the current environment and as the downturn has developed more rapidly than originally expected, our recent performance has fallen below our prior expectations and has significantly impacted our fiscal 2016 outlook," said John H. Briscoe, Senior Vice President and Chief Financial Officer of Bristow Group. "The downturn is deeper and our clients' restructuring of their costs has resulted in a more negative impact to Bristow and our previously announced cost cutting measures were not sufficient. Decreases in global activity levels are affecting our fiscal year 2016 performance and future expectations. We will pursue new and more aggressive restructuring measures to help mitigate the severity of the downturn. However, we are realizing the positive contributions from the U.K. SAR contract, which continues to ramp up and offset some of the declines and volatility in the current oil and gas market."
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