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Hunting Q1 Adj. EBITDA In Line With Its Targets; Says Outlook Remains Positive

Hunting plc. (HTG.L) reported that its first-quarter underlying EBITDA was about $35.0 million, which was in line with internal targets. The company noted that outlook for the remainder of the year remains positive for the Group, given the market backdrop of an improved oil price.

The company noted that first quarter of 2019 saw a continuation of the level of revenues and profits reported in the fourth-quarter 2018 with US onshore completions focused businesses remaining busy, however, offshore focused operations continue to face slow and challenging markets, particularly in the Gulf of Mexico and North Sea, the company said.

In the US, results are ahead of expectations, as the Group's business units benefit from improving demand particularly within onshore completions and capital equipment markets.

In Asia Pacific, revenue is ahead of management's expectations, with the segment reporting profitability throughout the period as orders for customers in the Middle East were completed.

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