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Hunting H1 underlying earnings up 16pc, proposes $40m share buyback
(Sharecast News) - Oil and gas industry supplier Hunting said on Tuesday that it had delivered good year-on-year underlying earnings growth in H125, leading the group to propose a $40.0m share buyback. Hunting said underlying earnings were up roughly 16% in H1 at $68.0m to $70.0m, led by a "robust contribution" from its OCTG product group, while EBITDA margins came to approximately 13% in the period.
The FTSE 250-listed firm said its period-end sales order book was around $450.0m, ahead of its Q125 position of $439.0m, with a tender pipeline of approximately $1.1bn.
Hunting also said it had secured $38.0m of new orders for its titanium stress joints in the Gulf of Mexico, as well as new plug and abandonment and field decommissioning projects in the North Sea.
Looking forward, Hunting's targeted annual dividend increase was raised from 10% to 13%, while FY EBITDA guidance of $135.0m to $145.0m was retained.
Hunting also said a share buyback programme of up to $40.0m was scheduled to commence following publication of its interim results, with the intention of being completed over the next 12 months.
As of 0840 BST, Hunting shares were up 13.98% at 342.50p.
Reporting by Iain Gilbert at Sharecast.com
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