Fugro slumps after it reports lower revenue in US, Middle East

Fugro NV

01/11/2024 09:07

** Shares in Fugro  FUGR.AS  slump around 20% to February
lows after its third-quarter revenue unexpectedly fell in the
U.S. and the Middle East
    ** Co says revenues in the Americas dropped 21% due to
postponements of projects in the U.S., compounded by the
uncertainty ahead of elections; Middle East and India was down
42% due to elevated tensions and lower oil prices
    ** Total revenue slipped 1%, while both Jefferies and ING
say they had assumed revenue to accelerate in the quarter
    ** Q3 EBIT came in at 99.3 million euros, missing Jefferies'
expectations by 3%
    ** "Overall, disappointing results," ING says in a note,
adding that a better Q4 outlook was not certain
    ** If losses hold, the stock will see its worst day in
almost 2 years
   

 (Reporting by Clement Martinot)
 ((Clement.Martinot@thomsonreuters.com;))