Boart Longyear (BLY) provides integrated drilling services and products to the minerals, environmental, infrastructure and energy industries. Most of Boart’s revenue comes from key mining markets; Australia, Canada and the United States.
BLY has been one of the hot stocks this month, surging from $3.70 to be currently trading around $4.40
On 17 December, BLY upgraded its FY10 earnings forecasts. BLY now expects full year revenue to be approximately US$1.45 billion, with EBITDA to be at least US$220 million.
Boart Longyear based its upgrade on improved pricing, margin enhancement, and demand for its new products and drilling services.
The group also announced the completion of a supplemental credit facility totalling US$85 million.
BLY finished up 1.2% on the day of the announcement, making it one of the better performers in the stock market.