LONDON (dpa-AFX) - Global precision engineering group Hunting plc (HTG.L), on Thursday, reported that trading performance during Q3 2023 has continued its positive momentum, as international drilling activity continues to drive demand for its major product lines.
EBITDA result in Q3 2023 is similar to Q2 and well ahead of Q1 2023 respectively, demonstrating the broad-based strength of the Group's diverse product portfolio. Group EBITDA margin has also exceeded 11% in the quarter, with pricing and demand remaining firm.
Year-to-date EBITDA was $75 million, reflecting a near doubling compared to the same period in 2022, as the focus on energy security and global economic growth increases.
Jim Johnson, Chief Executive of Hunting, said, 'We are delighted to have received another major order for Hunting's titanium stress joints. The technology is gaining further acceptance for application to offshore production vessels and we are pleased to be supporting clients with technology which delivers safer and faster cash flows for them.'
Further, the company noted that its Board remains comfortable with current EBITDA expectations of $96 million - $100 million as sales momentum and profitability are sustained.
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