Solus Alternative Asset Management LP, a significant shareholder of Bristow Group Inc. (NYSE:VTOL), has reported selling shares worth approximately $1.65 million. The transactions, disclosed in a recent SEC filing, occurred on November 13 and November 15, 2024. The shares were sold at prices ranging from $36.20 to $38.0562 per share.
The sales involved a total of 45,714 shares of Bristow Group's common stock. Following these transactions, Solus Alternative Asset Management LP, along with its affiliates and managing member Christopher Pucillo, retains an indirect ownership of 3,231,203 shares.
The shares were held by various funds and accounts managed by Solus, and the firm has clarified that it does not claim beneficial ownership beyond its pecuniary interest. Despite this, Solus has chosen to file the Form 4 to maintain transparency.
In other recent news, Bristol Group has reported a robust financial performance for the third quarter of 2024, resulting in a raised adjusted EBITDA guidance. This information was shared during the company's recent earnings call where President and CEO Chris Bradshaw, alongside Senior Manager of Investor Relations and Financial Reporting, Red Tilahun, and CFO Jennifer Whalen, shed light on the company's financials and operational highlights. Safety continues to be a paramount operational priority for Bristol Group. The management also cautioned about potential risks and uncertainties associated with forward-looking statements. Furthermore, no specific misses were reported during the call. The earnings call included a reminder that the investor presentation, including reconciliation of non-GAAP financial measures to GAAP, is accessible on the company's website. These are the latest developments in Bristol Group's financial trajectory.
InvestingPro Insights
To provide additional context to Solus Alternative Asset Management LP's recent sale of Bristow Group Inc. (NYSE:VTOL) shares, let's examine some key financial metrics and insights from InvestingPro.
Bristow Group's market capitalization stands at $1.04 billion, with a price-to-earnings (P/E) ratio of 18.69. This valuation comes amid a strong performance, as the company's stock has seen a 35.04% price total return over the past year. The stock is currently trading at 88.22% of its 52-week high, suggesting it has maintained much of its recent gains.
InvestingPro Tips highlight that Bristow Group operates with a significant debt burden, which could be a factor in Solus's decision to reduce its position. However, it's worth noting that the company's liquid assets exceed its short-term obligations, indicating a solid near-term financial position.
On the growth front, Bristow Group has shown positive momentum. The company's revenue grew by 10.4% over the last twelve months, reaching $1.37 billion. Additionally, an InvestingPro Tip suggests that net income is expected to grow this year, and analysts predict the company will be profitable. This growth outlook may explain why the stock has maintained a strong position despite the recent insider sale.
For investors seeking more comprehensive analysis, InvestingPro offers 6 additional tips for Bristow Group, providing a deeper understanding of the company's financial health and prospects.
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