Borr Drilling (BORR.US) is deepening declines following the release of its 3Q24 earnings expectations. The company's stock is losing -6% in pre-market, which means the shares have fallen to their lowest since December 2022.
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Create account Try a demo Download mobile app Download mobile appThe drop in pre-market trading to $4.41 marks the company's break through the lower limits of the downward trend seen on the company's chart since June 2023, as well as its descent below the lower limits of the sharper downward trend seen on the company's chart since the middle of this year. Source: xStation
The negative market reaction stems from the company's 3Q24 earnings projections. The company expects to achieve $242 million in revenue, representing a 26% year-on-year increase in revenue. However, this figure is well below the market consensus prediction of $250.8 million in revenue. The company also expects operating profit of $84 million, which is 16% lower than market estimates. In addition, the company said that for the full year 2024, it expects an adjusted EBITDA result near the lower end of previous forecasts in the range of $500-550 million. This would suggest an EBITDA result of $131 million for Q4, which would still be below the $136.2 million the company reported in 2Q24.
Borr will publish its full results on November 6.
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