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Delays and rising costs have hit Petrofac Limited (LON:PFC)’s performance in Engineering & Construction, which is still expected to drive a “modest” free cash outflow at the full year. Asset Solutions continues to see strong demand and an expanding order book, while Integrated Energy Services is ramping up production to capitalise on strong oil prices. Q1 2022 hedge fund letters, conferences and more CEO Sami Iskander said, “Looking forward, we expect Asset Solutions and IES to continue to deliver strong performance. Notwithstanding the short-term challenges in the existing E&C portfolio, we c...
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Look ahead to FTSE 350, other companies reporting & economic events from 14 to 18 March. Fevertree Drinks PLC (LON:FEVR) will be looking to keep investors updated on cost control measures as inflation hitsPhoenix Group Holdings PLC (LON:PHNX) should announce a higher dividendWe’ll get an idea of Petrofac Limited (LON:PFC)’s plans for its Russian businessWe’ll see how Zara parent Inditex (BME:ITX) is coping with inflationA rate rise is likely to be on the cards at next week’s Bank of England MPC MeetingThe long tale of struggle continues at Cineworld Group plc (LON:CINE)Q4 2021 hedge fund lette...
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Petrofac Limited (LON:PFC)’s revenue for the year is expected to be around $3.0bn, down from $4.1bn last year but broadly inline with market expectations. Full-year net income is expected to be consistent with market expectations of $45.5m, helped by the release of $52m in unused tax provisions and $250m of targeted cost savings. Q3 2021 hedge fund letters, conferences and more CEO Sami Iskander said, “Our priority is to now rebuild our order backlog. We secured US$1.5 billion of new awards in the second half to date and the outlook for awards is improving in a more supportive macro environmen...
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In a brief update ahead of half year results Petrofac Limited (LON:PFC) said that overall trading was in line with management expectations. Q1 2021 hedge fund letters, conferences and more Petrofac Shares Broadly UnmovedThe Engineering & Production Services (EPS) business reported growth in both revenue and margins and “robust order intake”. However, this was offset by continued challenged Engineering & Construction (E&C), with the overall backlog falling by $1bn to $4bn. The shares were broadly unmoved following the announcement. Nicholas Hyett, Equity Analyst at Hargreaves Lansdown: “There a...
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