Solus Alternative Asset Management LP, a significant shareholder of Bristow Group Inc. (NYSE:VTOL), has sold shares worth approximately $2.75 million, according to a recent SEC filing. The transactions, which occurred between November 7 and November 12, 2024, involved the sale of multiple batches of common stock at prices ranging from $38.0038 to $38.2442 per share.
The sales were executed in several transactions, with the largest single batch involving 25,000 shares. Following these transactions, Solus Alternative Asset Management LP, along with its affiliates, now holds 3,276,917 shares of Bristow Group. The transactions were filed jointly by Solus GP LLC and Christopher Pucillo, the managing member of Solus GP LLC, who is also a director at Bristow Group.
These transactions reflect ongoing portfolio management by Solus Alternative Asset Management, which remains a significant stakeholder in Bristow Group, a company specializing in air transportation services.
In other recent news, Bristol Group has reported a strong financial performance for the third quarter of 2024, leading to an increased adjusted EBITDA guidance. The company's President and CEO, Chris Bradshaw, along with CFO Jennifer Whalen and Senior Manager of Investor Relations and Financial Reporting, Red Tilahun, provided insights into the company's financials and operational highlights. The management team emphasized safety as the company's highest operational priority.
Despite the positive financial trajectory, the management also cautioned about potential risks and uncertainties in forward-looking statements. No specific misses were reported during the earnings call, and the investor presentation, including a reconciliation of non-GAAP financial measures to GAAP, is accessible on the company's website.
These are among the recent developments for Bristol Group. It is important to note that while the company's third-quarter performance was strong, any forward-looking statements made during the call are subject to risks and uncertainties.
InvestingPro Insights
To provide additional context to Solus Alternative Asset Management's recent share sales in Bristow Group Inc. (NYSE:VTOL), let's examine some key financial metrics and insights from InvestingPro.
Bristow Group's market capitalization stands at $1.08 billion, with a price-to-earnings (P/E) ratio of 19.49. This valuation metric suggests that investors are willing to pay a premium for the company's earnings, possibly due to its growth prospects or market position in the air transportation services sector.
Speaking of growth, InvestingPro data shows that Bristow's revenue grew by 10.4% over the last twelve months, reaching $1.37 billion. This growth trend is expected to continue, as one of the InvestingPro Tips indicates that net income is projected to increase this year. This positive outlook might explain why Solus Alternative Asset Management has maintained a significant stake in the company despite the recent share sales.
Another InvestingPro Tip highlights that Bristow Group operates with a substantial debt burden. However, it's worth noting that the company's liquid assets exceed its short-term obligations, suggesting a solid near-term financial position. This balance between debt and liquidity could be a factor in the investment decisions of major shareholders like Solus.
Interestingly, Bristow Group has demonstrated strong performance, with a 40% price total return over the past year. The stock is currently trading at 91.08% of its 52-week high, indicating robust investor confidence. This performance aligns with another InvestingPro Tip stating that the company has delivered a strong return over the last five years.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights on Bristow Group. In fact, there are 4 more InvestingPro Tips available for VTOL, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.