Boart Longyear Downgrades, As Expected

Another week, another downgrade in the mining services sector. At its AGM, drilling services and products supplier Boart Longyear ((BLY)) notified the market that FY13 earnings are likely to be at the lower end of consensus range of US$199-271 million. This compares with the guidance the company gave back in February of US$260m. Management expects a recovery at some stage, but the bets are off regarding just when that will happen.

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