Bristow Reports Strong F1Q11, Expects More To Follow

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Bristow Group Inc. (NYSE: BRS) reported solid F1Q11 results with EBITDA of $60M vs. Oppenheimer's estimate of $58M. Strong demand in Australia and Nigeria helped offset elevated costs in Brazil. Revenue for F1Q11 grew 0.6% to $292M over Oppenheimer's $290M estimate, while European revenue declined 12% to $102M due to lower activity levels, but new contracts are in the making.BP related activity helped North american revenue to grow 6% y/y to $53M and increase margins by 10.1%.Oppenheimer maintains its "outperform" rating and price target of $40.Bristow Group Inc. closed yesterday at $33.64.

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