CEU reported 4Q15 EBITDAS of $14 mm, below our forecast of $22 mm as pricing pressure and reduced sales volumes impacted margins. The Company is alluding to razor thin margins across all business lines until a recovery in commodity prices or field activity occurs. As such, we have reduced our 2016e EBITDAS forecast to $41 mm in 2016e (prior: $71 mm). In 2017, we are now forecasting $77 mm (prior: $88 mm). CEU is in negotiations with its lenders to obtain covenant relief. We believe the Company w ....
14 Mar 2016
Misses 4Q15 Estimates; Outlook Unchanged
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Misses 4Q15 Estimates; Outlook Unchanged
CES Energy Solutions Corp (CEU:TSE) | 0 0 0.0%
- Published:
14 Mar 2016 -
Author:
Ian B. Gillies -
Pages:
6
CEU reported 4Q15 EBITDAS of $14 mm, below our forecast of $22 mm as pricing pressure and reduced sales volumes impacted margins. The Company is alluding to razor thin margins across all business lines until a recovery in commodity prices or field activity occurs. As such, we have reduced our 2016e EBITDAS forecast to $41 mm in 2016e (prior: $71 mm). In 2017, we are now forecasting $77 mm (prior: $88 mm). CEU is in negotiations with its lenders to obtain covenant relief. We believe the Company w ....