Careers HomeRecent NewsEra Group Reports Third Quarter 2019 Results
Era Group Reports Third Quarter 2019 Results
November 5, 2019
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.