Hot Stocks Boart Longyear (BLY)

Boart Longyear BLY ASXBoart 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.

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