Fugro up after strong Q3; KBC upgrades outlook

Fugro NV

28/10/2022 09:48

** Shares in Fugro  FUGR.AS  rise 9.6% after the Dutch
deep-sea energy prospector posted strong Q3 earnings
    ** Fugro shares, up about 90% YTD, are on track for their
best day since Feb. 18 
    ** Q3 revenue was 480.2 million euros ($476.93 million) vs
378 million last year; Q3 EBIT margin rose to 10.9% from 7.6% a
year ago 
    ** "A really strong 3Q update," says KBC Securities, noting
that sales and margins were well ahead of its expectations,
adding that results leave it with no other choice than to
increase FY22 and FY23 estimates
    ** KBC raises FY22 revenue estimates by 8%, and EBIT margin
by 0.7%; For FY23, it ups revenue forecast by 5%, and EBIT
margin by 0.8%
    ** "The pricing power Fugro currently enjoys is exceeding
inflationary pressure on costs," the broker says, also pointing
to ongoing momentum in renewables 
($1 = 1.0068 euros)
 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))