Boart earnings bite the dust
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Boart Longyear Ltd has flagged weaker full-year earnings as softening market conditions continue to weigh on its drilling services business.
In a statement to the Australian Securities Exchange, Boart said drilling services customers were increasingly announcing reductions or delays in their programs and capital expenditures (see Inside the mining services disaster) prompting uncertainty about when and where drilling levels will stablise.
"Accordingly, the assumptions upon which the company’s 2013 full-year outlook at the AGM were based no longer appear to reflect current market conditions," the group said.
Boart noted current analyst expectations of between $US1.355 to $US1.556 billion for full-year revenue and between $US176 to $US211 million for earnings before interest, tax, depreciation and amortisation (EBITDA).
"The company believes expectations for 2013 full-year revenue and EBITDA should be reduced below these ranges given the significant industry volatility that persists at present," Boart said.
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