Mark Huber is an aviation industry veteran who has worked in the flight training, aircraft sales, aircraft component, and airport development businesses. He has flight time in more than 50 different and diverse aircraft, including helicopters, aerobatic aircraft, vintage warbirds, jet fighters, business jets and turboprops, and transport-category aircraft. He has jumped out of several of these—on purpose—with a parachute. His defense and aviation journalism has been published in a variety of national and international periodicals.

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Mark Huber

Sharply lower oil and gas flying helped send helicopter service provider PHI's latest quarterly revenues plunging by $31.4 million year-over-year for the quarter ending June 30, but the company still managed to post a modest $4.277 million profit for the period thanks to a strong $13.9 million quarterly profit from its air medical sector. Overall revenues for the quarter were $167.1 million, compared with $198.5 million in the same period last year, with $29.7 million of that decline directly attributable to lower volume of oil and gas flying.

 


Its oil and gas segment posted a loss for the quarter of $5.8 million, compared with a profit of $11.3 million a year ago. While air medical was profitable for the quarter, both profit and revenues were down in the sector compared to the same period a year ago, with profit falling from $15.5 million and revenues down $6.1 million from the year ago period.

 


PHI's oil and gas revenues for the first six months of the year dipped almost $61 million from the year-ago period. For the first six months of the year, the company posted an overall net loss of $4.6 million versus a profit of $16.8 million in the same time frame last year.

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

Lower Oil/Gas Flying Drags Down PHI's Financials

PHI's latest quarterly revenues plunged by $31.4 million year-over-year in the second quarter, thought it still managed to post a $4.2777 million profit.

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Essential news and analysis on the defense aerospace business. Your trusted source for new and ongoing programs and requirements in military aircraft (manned and unmanned), engines, avionics, weapons and associated systems, including ground-based air defense.

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News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

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