Hunting sees FY at top end after $145m Kuwait deal boosts order book

Global engineer Hunting said full-year earnings would be at the upper end of expectations after winning a $145m order with the Kuwait Oil Company.

The company on Wednesday said it now expects core earnings to be towards the top end of its current guidance of $125m - $135m for 2024.

Including the new order, the Hunting's sales order book surged to a record $665m providing "strong earnings visibility for the group's Asia Pacific operating segment and OCTG product group into 2025", it added.

"Given the timing of revenue recognition and working capital movements, more detailed guidance for full year 2024 will be provided in the company's first-half 2024 trading statement.

Reporting by Frank Prenesti for Sharecast.com