Erickson Air-Crane's quarterly earnings see significant drop

Erickson Air-Crane said its earnings fell by more than 74 percent in the second quarter as its net income dropped to $1.1 million from $4.3 million a year ago.

The company manufactures and maintains heavy-lift helicopters in Central Point, and derives most of its revenue from global firefighting and logging services. Erickson Air-Crane said second-quarter declined 10.9 percent to $37.9 million from $42.5 million a year earlier, noting the fire activity during the first half of this year was in line with historic averages, while the first six months of 2011 produced the highest U.S. firefighting activity in more than a decade. The company's revenue actually exceeded its guidance of between $32 to $34 million.

During the second quarter, aerial services decreased 10.5 percent to $35.3 million from $39.5 million for the same period in 2011, while revenue flight hours declined to 2,902 hours from 3,527 hours.

Through June 30, Erickson had a work backlog of $228.1 million, of which $61.5 million is expected to be filled this year.

Erickson reported construction services was strong, but logging demand softened.

— Greg Stiles

Share This Story