Erickson Incorporated (NASDAQ: EAC) said its second quarter 2015 revenue was USD69.3 million, a decline of USD11.6 million compared to prior year.
The company benefited from year-over-year growth in its Manufacturing & MRO business and aircraft sales. These gains were outweighed by continued softness in Government Aviation and, to a lesser extent, a modest decline in Commercial Aviation.
Manufacturing & MRO revenues increased to USD6.6 million as compared to USD3.4 million in the prior year period, reflecting the increased aircraft sales, as well as part sales to support the global fleet of Bell 214 helicopters.
Government Aviation Services revenues decreased to USD28.4 million as compared to revenues of USD41.9 million in the prior year period, driven primarily by the continued reduction of operational tempo in Afghanistan and other US Department of Defense activity.
Commercial Aviation Services revenues decreased to USD34.3 million as compared to USD35.6 million in the prior year period driven primarily by a less intense firefighting season, partially offset by new spot construction jobs in the second quarter.
Second quarter 2015 operating income was USD0.2 million as compared to the prior year loss of USD17.4 million; adjusted operating income, which excludes acquisition, integration and restructuring expenses, as well as non-cash asset impairment, was also USD0.2 million, as compared to USD4.6 million in the prior year period.
Erickson is a leading global provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport people and cargo around the world. The company is self-reliant, multifaceted and operates in remote locations under challenging conditions specializing in Government Services, Manufacturing and MRO, and Commercial Services (comprised of firefighting, HVAC, power line, construction, timber harvesting, oil and gas and specialty lift). With roots dating back to 1960, Erickson operates a fleet of approximately 80 aircraft, is headquartered in Portland, Oregon, USA, and operates in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia.