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Hunting holds guidance but cautious on trading
(Sharecast News) - Precision engineering group Hunting on Thursday held full-year guidance but cautioned that market uncertainty could impact results. The oil industry specialist posted a jump in half-year core earnings to $70.2m from $60.3m a year earlier against what it called a "volatile" macro-economic environment and unveiled a $40m share buyback.
"In the near term, the geopolitical and macro-economic outlook remains choppy, given the actions of the OPEC+ cartel, coupled with some project deferrals reported by our clients," the company said.
"However, growth in the North American market continues to be pursued as longer lateral wells are drilled, demanding higher volumes of oil country tubular goods (OCTG), coupled with a strengthening in gas-related drilling observed in a number of basins."
"Large OCTG tenders are likely to be issued across the Middle East in the second half of the year, while subsea growth in South America and West Africa continue to provide opportunities."
Hunting still expects full year earnings before interest, taxes, depreciation, and amortisation of between $135-$145m "supported by a strong balance sheet and net cash".
Reporting by Frank Prenesti for Sharecast.com
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