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Foraco International SA Reports Decline in Q2 Revenue Amid Regional Weakness
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Highlights
Foraco International SA (TSX: FAR) offers mineral and water drilling services and hydraulic drilling. It has a market capitalization of CAD 238.20mn.
In Q2 2024, the company experienced a decline in net revenue to USD 77.8 million from USD 100.0 million in the previous corresponding period. This reduction was primarily driven by weaker performance in the EMEA region and South America, which significantly impacted overall sales. The company also reported a decrease in operating profit to USD 12.1 million compared to USD 18.8 million in the prior year. Although lower Selling, General, and Administrative (SG&A) expenses partially cushioned the impact, the operating profit reduction was a key factor in the overall financial downturn.
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