Boart Longyear Cuts Revenue Guidance To 18% Growth, From 22%
The U.S.-based, Australia-listed company posted sales of US$1.58 billion last fiscal year.
The driller maintained its forecast of earnings before interest, tax, depreciation and amortization margin of 22% for the year. It posted EBITDA of US$336.2 million last fiscal year.
The company said in a statement the capital budgets for its major customers next calendar year remain uncertain, with many delaying their exploration spending decisions with Boart anticipating softer demand.
Boart has cut 500 jobs and further cost cutting will come from rationalization of its manufacturing capacity and a realignment of its back office functions, the company said.
It will book a charge of US$10 million- US$20 million this year to reflect the restructure, it said.
-By Andrew Harrison, Dow Jones Newswires; 61-3-9671-4323; andrew.harrison@dowjones.com
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(END) Dow Jones Newswires
December 02, 2008 17:34 ET (22:34 GMT)
Publié le 02 Décembre 2008 Copyright © 2008 Dowjones
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