Offshore-energy and medevac operator PHI reported substantially higher earnings for the first quarter, posting a net revenue gain of $40.9 million (to $178.9 million) compared with the same quarter last year. The company credits the gain to more deepwater oil exploration support work and an uptick in its air medical segment. Net earnings quadrupled from the same period in 2012, increasing to $8.8 million from $2.2 million.
Offshore-energy helicopter service operator Bristow Group reported increases in revenue and net income for the fourth quarter of last year. Compared with the same period in 2011, operating revenue increased by 17 percent, to $346.7 million, and adjusted net income grew to $42.6 million, a $14.8 million jump from the comparable 2011 period.
NetJets parent Berkshire Hathaway reported yesterday that its other businesses, which includes NetJets, grew 2012 revenues to $2.152 billion in the second quarter and $4.199 billion in the first six months, up 3 and 4 percent, respectively. Earnings in 2012 reflected increased earnings at NetJets and earnings from the Omaha World-Herald.
Air Methods, the largest helicopter EMS provider in the U.S., posted an exceptionally strong second quarter. Revenue at the company increased to $222.5 million, a 48-percent jump from the same quarter last year.
In the first six months, Air Methods reported revenue of $413.3 million, up 47 percent versus the same period last year. Net income for the quarter increased 217 percent to $31.4 million, compared with the prior-year second-quarter net income of $9.9 million. For the first six months, net income increased by 181 percent to $43.9 million.
For the first six months of the year, the nation’s largest helicopter EMS provider reported revenues of $282.1 million, up 9 percent from the same period a year ago. Net income for the period increased by 25 percent, to $16.1 million. Net revenue per community-based transport increased to $9,008, a 10-percent increase from the prior year quarter. However, hospital-based revenue dipped by 1 percent.
PHI said its revenues from the oil and gas segment for the quarter ending June 30 fell to $90.2 million from $94.7 million during the same period a year ago. The company blamed the decline on reduced medium helicopter revenue as a result of a decline in deepwater drilling and rig support in the wake of increased regulation and delay in the wake of last year’s Deepwater Horizon disaster in the Gulf of Mexico.
Offshore helicopter services company Bristow announced increased earnings and revenues for its fiscal year ended March 31 of $121.3 million and $1.233 billion, respectively. The company reported that revenue increased across all primary business units
“Fiscal 2011 turned out to be a strong year, distinguished by record revenue, operating income and net income,” said CEO Bill Chiles.
Berkshire Hathaway’s first-quarter financial report notes that revenues at its NetJets subsidiary grew by 18 percent year-over-year, generating positive pre-tax earnings of $57 million versus a pre-tax loss of $96 million in the same period last year.
Despite plummeting revenues and profits at parent company Textron, Bell Helicopter posted significantly improved first-quarter results compared with the same period last year. Revenue increased from $574 million to $742 million and pre-tax profits soared from $16 million to $69 million.
Revenues at Berkshire Hathaway’s services group–which includes fractional provider NetJets and flight-training provider FlightSafety International–were $8.435 billion last year, an increase of $643 million over 2007. While FlightSafety helped contribute to increased earnings in the division, lower earnings at NetJets offset those increases.
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