PHI Profit Falls On Lower One-Time Gains

(RTTNews) - PHI Inc (PHII, PHIIK) Friday reported second-quarter net earnings of $13.4 million or $0.85 per share, compared with $19.5 million or $1.25 per share last year.

Results were mainly hurt by reduction in gains on asset dispositions.

Excluding items, adjusted earnings for the quarter were $13.9 million or $0.89 per share.

PHI, based in Lafayette, provides helicopter transportation services to customers including the oil and gas and air medical industries.

Revenue for the quarter was higher at $212 million, compared with $195.5 million in the prior year.

The company's key Oil and Gas segment benefited from aircraft flight revenues and incremental rate increases. Its smaller segments, Air Medical and Technical Services, also saw growth.