By Christian Moess Laursen
Hunting PLC, a leading energy-services group, announced that its nine-month earnings nearly doubled compared to the previous year. Additionally, the company revealed that it has secured a substantial $59-million order.
Impressive Third-Quarter Performance
Hunting PLC reported that its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter stood at approximately $26.3 million, matching the previous quarter's figure. This brings the total EBITDA for the nine-month period to $75 million, a significant increase from the previous year's $36 million.
Steadfast Full-Year Outlook
Despite market uncertainties, Hunting PLC remains confident in achieving its full-year target EBITDA range of $96 million to $100 million. The company expects strong international demand for oil and gas to persist, driven by a focus on energy security and global economic growth.
During the third quarter, total borrowings increased to $68 million from $51.7 million. Despite this rise, Hunting PLC anticipates a break-even scenario by year-end and expects its borrowings to unwind accordingly.
$59 Million Order Secured
Hunting PLC also disclosed that it has received a substantial order worth $59 million for its titanium stress joints from a South American client. The order will be fulfilled over the next 28 months, with revenue recognized incrementally during that period.