Q2 results look goodAnalysts were expecting loss of 33 cents and revenue of 450M; beat nicely on both!
SECOND QUARTER HIGHLIGHTS
Consolidated revenue for the second quarter of 2014 was $534.6 million, an increase of 35% compared to the second quarter of 2013. The adjusted consolidated net loss was $41.2 million compared to $50.4 million, and adjusted diluted loss per share was $0.28 compared to $0.34 for the same period in 2013. Funds used in operations were $11.5 million compared to $29.1 million in the second quarter of 2013.
OUTLOOK
Canadian Operations
Demand for pressure pumping services is expected to be strong in Canada during the second half of 2014. Strong demand is expected to be driven by cash flow increases for Canadian customers and a continued increase in fracturing intensity per well. We expect the strongest demand to be generated from the Montney, Cardium and Deep Basin plays. Drilling and completions activity is also expected to increase in the Duvernay play during the second half of 2014 compared to the second half of 2013.