Shares in North American Energy Partners (
) have spiked almost 21% and earlier hit a year high of $5.32 as
news the company is selling its piling business for a net $210
million in cash outweighed a Q4 earnings miss.
The company reported a Q4 loss of CAD 0.26 or $0.25 per share,
ex one-time items, versus the Capital IQ consensus of CAD 0.03 or
$0.03 earnings per share. Revenues were CAD 130.3 million or
$127.26 million, versus the analyst estimate of CAD 189.12 million
or $184.71 million.
The company sold its piling-related assets to the U.K.'s Keller
Group plc. The company will receive about $227.5 million in cash,
less $5 million for capital lease and other adjustments upon
closing. It may also receive a further $92.5 million over the
following three years, contingent on the purchaser achieving
prescribed profit targets.
Net proceeds at closing are expected to be about $210 million.
The company will use some of the net proceeds to repay the
outstanding balance of the Term A Facility which, at March 31,
2013, was $17.2 million.