Bulletin
Investor Alert

Oct. 28, 2020, 2:48 a.m. EDT

Aker Solutions posts earnings beat; outlook upbeat

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Dominic Chopping

Aker Solutions ASA said Wednesday that 2021 visibility has improved while sanctioning activity on the Norwegian continental shelf is expected to continue near-to-medium term as it posted a forecast-beating third-quarter net profit.

The oil-and-gas industry service provider said earnings were boosted by a dividend gain from spinning off its offshore wind development and carbon capture businesses.

The company made a net profit for the quarter of 205 million Norwegian kroner ($22.3 million) compared with a profit of NOK81 million a year earlier. Analysts in a FactSet poll had expected a loss of NOK132 million.

Revenue fell 23% to NOK5.5 billion, beating a consensus forecast of NOK4.95 billion.

Order intake in the third quarter rose to NOK7.1 billion from NOK4.7 billion, and the company has an order backlog of NOK29.2 billion compared with NOK27.4 billion at the end of the third quarter of 2019.

The company backed previous guidance, seeing overall 2020 revenue of around NOK21 billion-NOK22 billion. It expects the company's 2020 fixed-cost level to fall by a total of about NOK1 billion on an annualized basis versus 2019.

Write to Dominic Chopping at dominic.chopping@wsj.com

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.