Polarcus 2Q Results Miss Forecasts, Firm Cuts Guidance



Reuters

OSLO, Aug 8 (Reuters) – Norwegian seismic explorer Polarcus reported second quarter earnings below expectations on Friday and lowered its full-year guidance on growing competition and increased market uncertainty.

Polarcus said its second quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 2.3 percent to $49.9 million, missing forecasts for $56 million.

It also lowered its full-year EBITDA guidance to around $200 million from a previous range of $230 million to $250 million while keeping its multi-client cash investment forecast unchanged at $55 million to $65 million.

(Reporting by Balazs Koranyi)



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