Careers Home / / Era Group Reports Third Quarter 2019 Results

Era Group Reports Third Quarter 2019 Results

HOUSTON, Nov. 05, 2019 (GLOBE NEWSWIRE) — Era Group Inc. (NYSE: ERA) today reported net loss attributable to the Company of $1.9 million, or $0.09 per diluted share, for its third quarter ended September 30, 2019 (“current quarter”) on operating revenues of $58.9 million compared to net income attributable to the Company of $4.9 million, or $0.22 per diluted share, for the quarter ended June 30, 2019 (“preceding quarter”) on operating revenues of $55.5 million.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $10.3 million in the current quarter compared to $18.3 million in the preceding quarter.  EBITDA adjusted to exclude asset dispositions and special items was $9.5 million in the current quarter compared to $8.0 million in the preceding quarter.  Net gains on asset dispositions were $0.8 million in the current quarter compared to net losses of $0.1 million in the preceding quarter.  There were no special items in the current quarter; however, the current quarter results were adversely impacted by foreign currency losses of $0.7 million primarily due to the strengthening of the U.S. dollar relative to the Brazilian real.  Special items in the preceding quarter consisted of $10.9 million of equity earnings related to gains on the sale of the Dart Holding Company Limited (“Dart”) joint venture, a $0.6 million loss on the sale of investments and a less than $0.1 million loss on the extinguishment of debt.

The Company generated $23.9 million of free cash flow in the first nine months of 2019, of which $16.6 million was generated in the current quarter, continuing the Company’s track record of positive free cash flow generation since 2015.

Click here to read the full press release, dated November 5, 2019.