Calfrac reverses year-earlier loss

Second-quarter profits and revenues at Calfrac Wel Services Ltd. (TSX:CFW) have rebounded sharply from year-earlier levels on the strength of strong customer demand in most regions, the company said Thursday.

CALGARY — Second-quarter profits and revenues at Calfrac Wel Services Ltd. (TSX:CFW) have rebounded sharply from year-earlier levels on the strength of strong customer demand in most regions, the company said Thursday. The Calgary-based supplier of oil and gas exploration equipment reported net income of $12.1 million, or 27 cents per share, for the quarter ended June 30. The company had booked a loss of $10.3 million, or 24 cents per share, in the same quarter the year before. Quarterly revenue surged 63 per cent from year-earlier levels to $269.5 million. Calfrac said it experienced strong demand for its services, particularly in Canada, the United States and Russia. Performance in its Latin American operations lagged, but the company said it expected activity to rebound in the coming year.