SBM Offshore surge on H1 beat, guidance hike

SBM Offshore NV

08/08/2024 08:42

** Shares in SBM Offshore  SBMO.AS  rise 11.5% and are on
track for their best in over four years, after the Dutch oil and
gas services provider on Thursday upgraded its profit guidance
for the year, following better-than-expected H1 results 
    ** "The beat in H1-24 on the back of solid execution,
combined with a stronger than expected backlog, bodes well for
the rest of the year," a Degroof Petercam note says 
    ** SBM upgraded its 2024 directional EBITDA guidance from
around $1.2 bln to around $1.3 bln after its H1 EBITDA of $620
mln came in ahead of the $581 mln estimate seen in a
company-provided consensus
    ** The group also announced it is doubling its share
repurchase program from 65 mln euros to 130 mln euros
    ** Degroof Petercam highlights SBM's "record" order backlog
of $33.7 bln which beat the broker's estimate of $31.7 bln
    ** ING says the Thursday numbers are "confirming that SBM is
progressing very, very well and ticking all the boxes investors
would like to hear"
    ** Shares are outperforming the STOXX index  .STOXX , which
falls 0.7%, and are on track for their best day since March 24,
2020, when it closed 14.1% higher
    






 (Reporting by Stéphanie Hamel)
 ((stephanie.hamel@thomsonreuters.com))