CGG plunges after 'cash cow' late sales unit below expectations in Q2

Viridien SA

28/07/2023 10:25

** Shares of CGG  GEPH.PA  plunge 19%, and on track for
their worst day since Nov. 3
    ** Q2 performance from its late sales business was below
expectations, says an analyst, who added the performance puts
co's cash-flow guidance in doubt
    ** "In late sales... clearly dynamic is not there," says a
Paris-based analyst, adding that the unit is normally a "cash
cow"
    ** The analyst adds that FCF guidance is now in doubt
    ** "It is more and more challenging for them to reach this
target in terms of net free cash flow neutral for the full-year"
    ** CGG said in a statement on Thursday it was confident in
achieving its 2023 targets
    
    

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))