UK’s Hunting Plc posts better-than-expected first quarter core profit

Finance


April 19 (Reuters) –

British oilfield services firm Hunting plc said Wednesday that strong activity in North America had more than tripled its core profit in the first quarter, beating management expectations.

The stock rose 4.8% to 253 pence around 0726 GMT.

The company, which includes customers such as Exxon Mobil and Chevron, saw an increase in customer inquiries last year after COVID-19 restrictions eased, allowing more drilling projects to be approved or restarted and profitability to return.

Hunting reported core profit of $22.6 million for the three months to March, compared with $6.7 million last year.

The company did not disclose its core profit forecast for the fourth quarter.

“At this point in the year, the Board of Directors … reiterates its expectations for year-over-year earnings and continued EBITDA growth,” said CEO Jim Johnson.

Increased market activity, rising commodity prices and the re-opening of China have acted as catalysts for industry participants, spearheading growth in hunting, the company said in March.

The London-listed company had a strong March as its US manufacturing division completed several international orders despite a decline in US land rig numbers. (Reporting by his Anchal Rana in Bangalore; Editing by Nivedita Bhattacharjee)



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