Calfrac reported a 2Q16 EBITDAS loss of -$14 mm, which was in line with our forecast. Our 2016e EBITDAS of -$23 mm is unchanged, while we have lowered 2017e EBITDAS to $75 mm (prior: $81 mm). The Company has temporarily shuttered its North Dakota operation. We believe this will be positive for operating margins in the U.S. segment. Competitive bidding practices in Canada continue to be an impediment to margin improvement, but 3Q16e activity is expected to be high for the Company’s activ
29 Jul 2016
2Q16 Results
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2Q16 Results
Calfrac Well Services Ltd. (CFW:TSE) | 0 0 1.1% | Mkt Cap: 964.6m
- Published:
29 Jul 2016 -
Author:
Ian B. Gillies -
Pages:
7
Calfrac reported a 2Q16 EBITDAS loss of -$14 mm, which was in line with our forecast. Our 2016e EBITDAS of -$23 mm is unchanged, while we have lowered 2017e EBITDAS to $75 mm (prior: $81 mm). The Company has temporarily shuttered its North Dakota operation. We believe this will be positive for operating margins in the U.S. segment. Competitive bidding practices in Canada continue to be an impediment to margin improvement, but 3Q16e activity is expected to be high for the Company’s activ