Newer-technology aircraft is expected to help boost Bristow Group's ( BRS - Snapshot Report ) results throughout the second half of fiscal 2011. The company is coming off a big 45% earnings surprise in the fiscal second quarter.

Bristow Group provides helicopters and other aircraft services to offshore energy customers in the North Sea, Nigeria, the Gulf of Mexico, Australia, Brazil, Russia and Trinidad.

Its second quarter performance was strong, as operating margins improved quarter over quarter in its European, West Africa, North American and Other International segments.

Third Beat in 4 Quarters

On Nov 4, Bristow reported its second quarter earnings which surprised for the third quarter in the last 4. Earnings per share were $1.06 compared to the Zacks Consensus of just 73 cents.

Part of the reason for the big beat was a significant reduction in the effective tax rate to 7.9% from 25% which was a result of its global restructuring plan.

Revenue rose 7% to $312.6 million from $291.6 million a year ago.

The company continued to benefit from cleanup efforts in the Gulf of Mexico from the BP oil spill. While that work will end eventually, it actually more than offset work lost due to the drill moratorium which has since been lifted.

The Australian segment was also hot as contracts increased substantially over the year ago period.

Outlook for Fiscal 2011

The company is bullish about the second half of the year as newer-technology aircraft is expected drive results for their customers. The company believes revenue and earnings will top fiscal 2010.

Analysts have gotten more bullish as well. The fiscal 2011 Zacks Consensus Estimate has jumped by 19 cents to $3.17 per share in the last 30 days.

The consensus on fiscal 2012 has also risen to $3.64 from $3.50 in the last month. This is earnings growth of 14.8%.

Any Value in BRS?

Bristow Group is trading with a forward P/E of 13.2 which puts it within the value parameters I follow which is under 15x.

Its price-to-book ratio if also just 1.1, under its peers at 1.7.

Bristow Group is a Zacks #1 Rank (strong buy) stock.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor in charge of the market-beating Zacks Value Trader service. You can follow her at twitter.com/traceyryniec.