Out on the newsire...Cathedral Energy Q3 EPS $0.04 Vs $0.01 Year Ago, Lags Estimate; Revenue $107.8 Million Vs $20.1 Million
06:17 AM EST, 11/15/2022 (MT Newswires) -- Cathedral Energy Services Ltd. (TSX: CET) overnight Monday reported Q3 net income of $8.7 million, or $0.04 per basic and diluted share, compared with $0.4 million, or $0.01 per share, a year earlier.
Analysts polled by Capital IQ expected EPS at $0.05.
Consolidated revenue for the quarter ended Sept. 30 rose to $107.8 million from $20.1 million a year earlier.
Analysts surveyed by Capital IQ expected revenue at $87.8 million.
The drilling services provider said that it has expanded the 2022 capital plan to about $30.0 million due to acquisitions in the year and that its board has approved a preliminary net capex budget of $35.0 million for 2023.
Cathedral President and CEO Tom Connors said the company has closed six acquisitions since July 2021 with a seventh transaction in October 2022. Connors also said that with increased size and scale and corresponding free cash flow the company anticipates being able to fund capex and reduce its debt levels in Q4 2022 and through 2023.