Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors

Hunting posts lower first-half revenue in its biggest unit, margins shrink

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/29/2019 | 03:17am EDT

(Reuters) - British oilfield services firm Hunting Plc posted a slight rise in first-half core profit on Thursday, but a drop in revenue at its biggest unit and shrinking margins sent its shares down nearly 5% to 410 pence.

Its underlying core earnings for the six months ended June 30 rose to $77.4 million (63.04 million pounds) from $72.6 million a year earlier, helped by strong demand for its oil and gas pipeline equipment and offshore products in the United States.

However, revenue from its biggest unit, Hunting Titan, fell 5% to $206.1 million as it sold off excess inventory and cut prices for some products. This led to the core profit margin slipping 1 basis point to 15%.

"Given the volatile market and global economic conditions will continue to update investors regularly on the group's performance for the balance of the year," Chief Executive Officer Jim Johnson said.

First-half revenue rose to $508.9 million from $442.8 million a year earlier, with revenue from the United States, the group's second largest reporting segment, jumping 23% to $181.1 million.

The company, whose clients include Halliburton, Chevron, Anadarko, and Kuwait Oil Company, said it continued to see slower pace of activity within the U.S. onshore drilling market as clients cut spending.

(Reporting by Yadarisa Shabong and Shanima A in Bengaluru; Editing by Arun Koyyur)

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION 1.63% 116.6 Delayed Quote.5.47%
HALLIBURTON COMPANY 7.22% 19.785 Delayed Quote.-30.66%
HUNTING PLC -0.44% 405.4 Delayed Quote.-15.17%
LONDON BRENT OIL -0.37% 59.12 Delayed Quote.9.05%
OSHKOSH CORPORATION 0.27% 77.33 Delayed Quote.25.82%
WTI -0.06% 53.53 Delayed Quote.16.30%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Companies"
02:29pTEVA PHARMACEUTICAL INDUSTRIES : to Donate Buprenorphine Naloxone Valued at About $23 Billion in Opioid-Related Settlement
DJ
02:27pPoarch Band of Creek Indians Third Concert in Alabama Native Concert Series Featuring Spooner Oldham, Will Kimbrough, and Kate Campbell
GL
02:27pPower Analytics Expands Global Patent Portfolio and the new release of software version 6.2 for DesignBase   
GL
02:23pGREENPARK SPORTS : Completes $8.5M Seed Funding Round to Build the Future of Fandom
BU
02:22pPernod Ricard Successfully Completes a Bond Issuance
BU
02:21pMILESTONE SCIENTIFIC : International Multicenter Study Finds Milestone Scientific's CompuFlo(R) Epidural System Safe Alternative to Traditional Epidural Method
PU
02:20pSNP SCHNEIDER NEUREITHER & PARTNER : SE appoints Prof. Dr. Heiner Diefenbach as new CFO
EQ
02:18pCHINA VTV LTD Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)
AQ
02:18pHomes For Our Troops 3rd Annual Veterans Day Celebrity eBay Auction with Jake Tapper, George Clooney, and Wynonna Judd, to raise funds for severely injured post-9/11 Veterans
GL
02:17pKORE Unlocks the Learning Potential of IoT and Sustainability at Mobile World Congress
BU
Latest news "Companies"