Bridger Aerospace Group Holdings saw a decline in its stock price during Monday's post-market session following the announcement of lowered revenue guidance for 2023 and the release of its third-quarter financial results.
Revised Revenue Guidance
Bridger revised its revenue guidance for 2023 to a range of $66 million to $68 million. This marks a decrease from the earlier guidance of $84 million to $96 million.
As a result of the news, the stock price fell by 22%, reaching $4.04 per share at 5:50 p.m. ET. During the regular trading session, the shares had already experienced a decline of 2.3%, closing at $5.21.
Strong Third-Quarter Results
Despite the challenges faced, Bridger reported a strong performance in the third quarter. The company recorded earnings per share of 15 cents on revenue of $53.6 million. Notably, this quarter witnessed all-time high records for revenue, net income, and Adjusted Ebitda.
Super Scooper Aircraft Utilization
Bridger's fleet of Super Scooper aircraft demonstrated exceptional utilization during the third quarter, surpassing previous levels. This achievement is notable considering the shorter-than-average North American wildfire season. Looking ahead, Bridger anticipates that 2023 will have the shortest North American wildfire season in the past 10 years.