Bri-Chem Corp. (TSE:BRY) has released an update.
Bri-Chem Corp., a key player in the North American oilfield chemical sector, reported a 21% drop in consolidated sales to $21.4 million for Q1 2024, attributed to a decrease in US drilling activity. The company’s gross margin fell by $715 thousand, and there was a significant reduction in both adjusted EBITDA, which decreased by $2.1 million, and operating earnings, which saw a $1.4 million decrease. Additionally, the company faced an adjusted net loss of $0.07 per share, a decline from the previous year’s earnings.
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