Global Industries sinks 29% to 52-week low after swinging to Q2 loss
Global Industries Ltd. (Nasdaq:GLBL), a provider of offshore production solutions, is plummeting 29% in trading today after reporting after Monday’s close it had swung to a net loss in the second quarter. Net loss was $13.5 million, or $0.12 per share, compared to net income of $41.1 million, or $0.35 per share, for the same period a year earlier. Revenues were $300.5 million, up from $248.9 million a year ago. The company said its gross profits had decreased worldwide, leading to the weaker-than-expected second-quarter.
The Carlyss, La.-based company also said it was authorized the repurchase of $100 million worth of outstanding shares of common stock during the next year.
At 11:46 a.m. ET, shares are at $8.15, down $3.27 from Monday’s close. Shares briefly hit a 52-week low of $7.81 shortly after the opening bell. Trading volume has soared to nearly 8 million shares, well above the average of about 3.5 million shares.
The Carlyss, La.-based company also said it was authorized the repurchase of $100 million worth of outstanding shares of common stock during the next year.
At 11:46 a.m. ET, shares are at $8.15, down $3.27 from Monday’s close. Shares briefly hit a 52-week low of $7.81 shortly after the opening bell. Trading volume has soared to nearly 8 million shares, well above the average of about 3.5 million shares.
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