Boart slumps on profit warning 26 reading now Shares in drilling contractor Boart Longyear have been sold off in the wake of another earnings downgrade, with no sign yet of a bottoming in demand for its services. In early afternoon trading, the shares were down 4.3 cents at $63.25. Earlier today, it told investors that earnings and revenue forecasts for calender 2013 should be cut further. ""Market conditions have continued to soften since ... Drill rig utilisation rates for the company have dropped to the low 50s, and competitors appear to be experiencing comparable decreases,"" it said. ""Customers for drilling services also continue to announce reductions or delays in their drilling programs, capital expenditures and overhead costs, which have resulted in continuing uncertainty about the levels at which drilling activity will stabilise. ""Analyst expectations range from $US1.355 to $US1.556 billion for full-year revenue and from $US176 to $US211 million for [earnings before interest, tax, depreciation and amortisation] ... 2013 full-year revenue and EBITDA should be reduced below these ranges given the significant industry volatility that persists at present. Late last year, the company dumped its chief executive as it moved aggressively to cut costs in the wake of the downturn in both exploration and mining spending.