Hunting Reports Strong Earnings Surge in First Half of the Year

By Christian Moess Laursen

Hunting, the energy-services group, has announced a significant increase in earnings for the first half of the year, driven by strong demand in the oil and gas industries. The company also revealed a boost in revenue and an increase in its interim dividend payout.

In the first half of the year, Hunting reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $48.7 million, more than double the $23.6 million earned in the same period last year. This impressive growth is attributed to the rising global energy demand and the heightened focus on energy security.

Revenue saw a substantial increase of 42%, reaching $477.8 million compared to $336.1 million in the previous year. This surge can be attributed to the strong demand across various industries and sectors.

The order book for Hunting also experienced a remarkable growth of 63% during this period, amounting to $529.7 million.

Jim Johnson, the Chief Executive Officer of Hunting, believes that the sector is on the verge of a long-term growth cycle. He anticipates that the company's non-energy businesses will further contribute to increased revenue and earnings in the future.

Based on this positive performance, Hunting expects a similar EBITDA performance in the second half of the year.

To reward its shareholders, the company declared an interim dividend of 5.0 cents, marking an 11% increase compared to the previous year.