Cathedral Energy Services Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

Cathedral Energy Services (TSE:CET) Full Year 2023 Results

Key Financial Results

• Revenue: CA$545.3m (up 83% from FY 2022).
• Net income: CA$10.6m (down 42% from FY 2022).
• Profit margin: 1.9% (down from 6.1% in FY 2022).
• EPS: CA$0.045 (down from CA$0.11 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Cathedral Energy Services Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 43%.

The primary driver behind last 12 months revenue was the United States segment contributing a total revenue of CA$383.9m (70% of total revenue). Notably, cost of sales worth CA$398.9m amounted to 73% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to CA$56.7m (42% of total expenses). Explore how CET's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.9% decline forecast for the Energy Services industry in Canada.

Performance of the Canadian Energy Services industry.

The company's shares are up 3.4% from a week ago.

Risk Analysis

Before you take the next step you should know about the 4 warning signs for Cathedral Energy Services that we have uncovered.

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