Foraco International Reports Solid Q1 Earnings

Foraco International (TSE:FAR) has released an update.

Foraco International SA, a global leader in drilling services, reported a slight revenue decline in Q1 2024 to $77.1 million, down 13% from the previous year, but highlighted it as the second-best Q1 in the past decade. Despite initial delays in customer activities and unfavorable exchange rates, the company saw an increase in EBITDA margin to 22.8% and a strong net profit with a 34% quarter-over-quarter rise in EPS. The company also completed a strategic exit from Russia and is set to disburse a C$0.06 per share dividend in July following a successful debt refinancing that halved interest rates.

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