06:33 AM EDT, 04/30/2025 (MT Newswires) -- Foraco International ( FRACF ) , which provides drilling services, on Wednesday said first-quarter earnings plunged as revenue missed expectations, with the company citing "client-initiated delays in contract awards and the ramp-up of new contracts."

Basic earnings per share in the quarter sunk to US$1.57 from US$8.96 a year earlier. Revenue declined to US$55.0 million, compared with US$77.1 million in the first quarter of 2024. Revenue missed a FactSet forecast of $56.9 million.

The Asia Pacific region delivered an "excellent" performance, driven by strong operational execution and the deployment of proprietary rigs, the company said in a statement. Revenue in other regions was adversely impacted by several factors, including the phasing of contracts with major clients and the company's strategic exit from unstable areas. In addition, unfavorable foreign exchange variations pulled down revenue.

"The current quarter is not an indication of the full year trend," said Chief Executive Tim Bremner. "We are...confident in the validity of our strategy focused on stable jurisdictions, servicing top-tier clients and adapting to market evolution."

The shares shed 1% to close near a 52-week low on the TSX yesterday.