Canyon announced a 2Q15 EBITDAS loss of $10 mm, ahead of our estimated loss of $16 mm and a consensus loss of $14 mm. More importantly, Canyon noted that fracturing services pricing in Canada is now down 25% to 30% from 20% in its last release. The Company is combatting this price decline through further cost savings, including moving a portion of its field staff to a variable pay structure.

31 Jul 2015
CANYON SERVICES GROUP INC. (FRC) 2Q15 RESULTS AHEAD, BUT PRICING IS DETERIORATING

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CANYON SERVICES GROUP INC. (FRC) 2Q15 RESULTS AHEAD, BUT PRICING IS DETERIORATING
Canyon announced a 2Q15 EBITDAS loss of $10 mm, ahead of our estimated loss of $16 mm and a consensus loss of $14 mm. More importantly, Canyon noted that fracturing services pricing in Canada is now down 25% to 30% from 20% in its last release. The Company is combatting this price decline through further cost savings, including moving a portion of its field staff to a variable pay structure.