DMC Global: Falls on wider-than-expected loss as oilfield unit suffers

Dmc Global

24/07/2020 16:04

** Metalworking co's shares  BOOM.O  fall 3.7% to $28.11  
    ** Co reports Q2 adjusted loss of 29 cents/shr vs Wall
Street est. of 13 cents/shr loss, according to Refinitiv IBES
data, marking its second-straight qtrly loss 
    ** Consolidated sales fell 61% to $43.2 mln, as a collapse
in oil and gas demand and well-completion activity drove a sharp
decline at its oilfield products business
    ** Forecasts Q3 sales in range of $45 mln to $50 mln, the
midpoint of which is below analysts' estimates of $48.03 mln
    ** Brokerage Roth Capital Partners says Q2 results were
tough as expected, but when activity returns in the sector co's
revenue could rebound quickly
    ** Stock has fallen ~38% YTD 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776;))