PGS slides as Q4 late sales disappoint

PGS ASA

10/01/2023 08:46

** Shares in Norwegian oilfield service company PGS  PGS.OL 
fall 7% after its Q4 late sales missed market expectations in a
preliminary update
    ** The negative share reaction, which comes after a good run
on Monday when it closed 9.5% up, is due to the lack of "blowout
late sales numbers", says Carnegie analyst Erik Aspen Fosså
    ** Q4 late sales of $92 million were 11% below Carnegie
estimate and 4% below consensus, Fosså says, while contract
revenues were higher than expected
    ** "Although late sales disappointed on our and consensus'
estimates, this was more than offset by strong contract
revenue," he adds
    ** The company expects to report Q4 revenues and other
income of about $217 million according to IFRS
 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters.com))