Canada's McCoy Global Q1 revenue falls, posts net loss

McCoy Global

15/05/2026 12:10

Overview

Canada oilfield equipment maker's Q1 revenue fell 52% yr/yr due to Mideast shipping disruptions

Company posted Q1 net loss as lower revenue reduced absorption of fixed costs

Management implemented cost reductions in March; full impact expected in future quarters

Result Drivers

MIDEAST SHIPPING DISRUPTIONS - Revenue and order intake fell sharply due to geopolitical instability in the Middle East and suspension of shipping through the Strait of Hormuz, delaying shipments and deferring revenue recognition

BACKLOG CANCELLATION - Order intake was hit by a cancellation from a single Middle Eastern customer reassessing near-term capital commitments

Company press release: ID:nCNWKpJt3a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
C$9.36 mln
C$10.25 mln (2 Analysts)
Q1 Gross Profit
C$529,000


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy"

Wall Street's median 12-month price target for McCoy Global Inc is C$5.25, about 93% above its May 14 closing price of C$2.72

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)