$CGG Oil services firm CGG, which is emerging from a debt restructuring plan, +10.6% premarket after reporting a 10% rise in 2017 sales to $1.32B and forecasting an increase in full year earnings.
CGG sees Q4 revenue of $400M, compared to $328M in the year-ago quarter, which it says should cause full-year EBITDA before restructuring costs to come in higher than expected with a greater than 10% increase.
Analysts at French brokerage Portzamparc maintain a Hold rating on the shares, saying that while CGG is managing its cash position and costs, risk remained that shareholders could get diluted once the company’s debt restructuring is completed.
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