Erickson Inc. reports defense-related work as being offset by commercial work, including fighting forest fires in the U.S., Greece and Turkey.
Erickson Inc. reported third quarter revenue of $118.3 million, a 1.6 percent decline it attributed to a drop in the Portland aviation firm’s work for the Department of Defense.
The dip was offset by growth in its commercial segment, including a new two-year contract with Agip Oil Ecuador to provide two medium-lift helicopters to ferry workers involved with oil exploration activities in Ecuador.
"We delivered solid performance during our peak season, despite softness in fire activity across the globe. Recent contract wins and proposal activity in both oil and gas and in our government segment give us confidence in our long-term strategy," said Udo Rieder, president and CEO. " We remain focused on diversification to achieve a more balanced mix of end markets while positioning our business for sustainable growth. We continue to see an excellent opportunity to increase utilization of our fleet around the world."
For the year to date, Erickson (NASDAQ: EAC) reported year-to-date earnings of $273.4 million, 21 percent higher than the same period the prior year, when it completed its acquisition of Evergreen Helicopters Inc.
