PHI Records First-Quarter Profit
LAFAYETTE, LA (AP) — Lafayette-based helicopter company PHI Inc. reported that gains in its air medical and technical services divisions offset a drop in its oil-and-gas business during the first quarter.
PHI reported earnings of $10.4 million, or 66 cents per share, on revenue of $204.2 million for the first three months of 2015. A year earlier, the company lost $5.3 million, or 34 cents per share.
Oil-and-gas segment revenue dropped 4.4 percent to $120.4 million. Meanwhile, air medical revenue grew 6.5 percent to $72. 4 million.
The Advocate reports technical services, or the maintenance and repair work PHI does for its customers, jumped 263.1 percent to $11.4 million. The increase was primarily the result of a project for one customer.