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March 13, 2014
12:03 EDTHELICHC Group falls after issuing first earnings report since IPO
Shares of commercial helicopter operator CHC Group are tumbling after the company gave its first earnings report since its initial public offering in January. WHAT'S NEW: Last night, CHC Group reported third quarter adjusted losses per share of 32c, which was better than analysts' consensus expectation of 40c per share in losses. The company reported third quarter revenue of $453.9M, which was below analysts' consensus of about $473M. CHC Group anticipates FY14 revenue to be flat to slightly up from FY13. Analyst had forecast FY14 revenue of $2.04B for the company prior to its report. CHC sees its FY14 adjusted EBITDAR, or earnings before interest, taxes, depreciation, amortization and aircraft rental costs, excluding special items, to be flat to slightly down, reflecting the negative effect of the suspension and subsequent return to service of EC225 aircraft. WHAT'S NOTABLE: On January 17, CHC Group priced its initial public offering of 31M shares at $10 per share. The shares opened for trading that day at $9.30. ANALYST REACTION: In a note to investors following CHC's report, Wells Fargo lowered its estimates for the company's FY14 FY15 earnings and reduced its price target range on the stock to $11-$13 from $12-$14. However, Wells Fargo said it believes that helicopter demand will withstand headwinds from drilling rig utilization and that concern over the supply/demand balance in the helicopter market is currently being overestimated by investors. The firm maintains its Outperform rating on CHC Group. PRICE ACTION: Near noon, shares of CHC Group were down 38c, or 4.27%, to $8.52.
News For HELI From The Last 14 Days
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October 27, 2014
05:18 EDTHELICHC Group awarded long-term multi-field services contract
Total E&P UK is extending a decades-long relationship with CHC Helicopter in the North Sea, awarding CHC a long-term helicopter transportation contract to support Totalís offshore operations across the United Kingdom Continental Shelf , or UKCS. The contract calls for CHC to operate two Sikorsky S-92 and two Airbus EC225 helicopters on behalf of Total. The helicopters will fly from Aberdeen to Totalís Elgin-Franklin, Alwyn and Dunbar fields, as well as to the mobile drilling rigs Total E&P UK have across the UKCS. The contract is for up to seven years, includes options for up to two additional years, and will take effect in November. Totalís operations on the UKCS range from the Elgin-Franklin field, which is in the Central North Sea, about 200 kilometres east of Aberdeen, to the Alwyn field, situated 440 kilometres northeast of Aberdeen, and the Dunbar field, located 22 kilometres south of Alwyn. Total also has mobile drilling rigs on contract that operate across the UKCS from the Central North Sea to the West of Shetland region.
October 17, 2014
10:00 EDTHELIOn The Fly: Analyst Downgrade Summary
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07:02 EDTHELICHC Group downgraded to Market Perform from Outperform at Cowen
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