Report
Jean-François Granjon

CGG : Results down sharply and largely affected by non-recurring items

>Interim results under pressure as expected - CGG reported interim results that contained no surprises and were down sharply below our estimates and those of the consensus. Sales came in at $ 202 m ($ 192.4m estimated / $ 219m for the consensus) vs $ 340m, down 41%. All of the group’s activities posted a sharp contraction, incl. -35% for GGR and -53% for equipment. For earnings, EBITDA came in at $ 68m ($ 77.6m estimated, $ 83m for the consensus cs) vs $ 170.6m down 6...
Underlying
CGG
CGG

CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jean-François Granjon

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