Shares of the oilfield services firm SAExploration Holdings jumped above 45% on March 8 when the company announced that it has received $60 million worth of projects in Alaska and Southeast Asia. Last year, the company’s stock had a free fall post the Geokinetics deal close. In September, it also announced a 20-to-1 reverse split causing the stock to plunge more than 18%.
SAExploration (NASDAQ: SAEX) is scheduled to report its fourth-quarter results on March 25, after trading hours. The company has been hurt by weaker demand for oilfield services due to lower spending from its clients. Oil and gas industry has been impacted by weak macros, volatile oil prices, geopolitical tensions and trade wars, which has forced oil firms to reduce their exploration-related spending.
Last quarter, the company reported revenues of $15 million and a loss of $4 million. Net loss increased to $25.3 million compared to $13.8 million in the prior year, and adjusted loss came in at $1.1 million. Backlog at the end of the third quarter stood at $173.2 million.
Fourth quarter traditionally has been a weak period for SAExploration. However, due to improving market conditions with new project wins, investors would be expecting the firm to report better results on Monday. Increased spending from the clients would be a good signal for the firm as it enters the next fiscal year. Investors would be expecting further inputs from the management of the current industry trends.
Another important update from the company would be on the Geokinetics deal. It might have completed the integration of the firm in the Q4 period. Shareholders would be expecting more updates about the cost synergies and how SAExploration want to take it forward.
The company has started off well in 2019 with the stock recovering from its 52-week low levels recorded in January.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard