Fugro climbs on FY earnings beat, positive forecast

Fugro NV

29/02/2024 09:35

** Shares in Fugro  FUGR.AS  rise 9% after the geotechnical
services provider beat FY earnings estimates and issued a
forecast above expectations
        ** If gains hold, shares are on track for their best day
in four months, and price at its highest level since May 2018
  
    ** Co reported adjusted EBIT of 252.1 mln euros ($273.3
mln), around 20% above consensus, driven by a higher EBIT margin
in Marine and partly offset by a lower margin in Land, according
to Jefferies ("buy")
    ** Degroof Petercam ("buy") deems results "excellent", the
profit jump in Q4 "spectacular", cash generation "very strong",
as well as 2024 guidance above expectations on margin level
    ** "We believe Fugro is well positioned to benefit from
further growth of c.30% p.a. in offshore wind," Jefferies notes,
seeing a "big year" for offshore wind in 2024
    ** Fugro forecast revenue growth and EBIT margin within its
mid-term target range of 11%-15% in 2024
        ** It also resumed dividends, declaring a payment of
0.40 euro per share for 2023
  

($1 = 0.9225 euros)

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))