OSLO (Thomson Financial) - Acergy SA posted first-quarter operating profits
slightly below expectations, after suffering from seasonal weakness in northern
Europe, but said it remains confident of meeting its full-year guidance.
For the first quarter, the Norwegian oil services firm posted operating
profits of $73.5 million, up from $49.9 million last year, but marginally below
the $76 million consensus forecast of analysts polled by TDN Finans.
Acergy pointed to northern Europe as the source of the slight
underperformance.
"During the first quarter of 2008, the region experienced a more typically
seasonal market than during the unusually active first quarter of 2007," it
said.
In line with its own expectations, the firm said sales from this region fell
to $132.5 million from $237.8 million the year before.
Total group sales for the quarter came in at $635.9 million, up from the
previous year's $565.8 million, but below the $684.0 million figure expected by
analysts.
However, looking ahead, Acergy said it remains confident of meeting its
guidance, particularly because its order backlog had risen to $3.972 billion at
the end of the quarter, well up on $2.557 billion at the same point last year.
"The results for the first quarter 2008 combined with this backlog, provide
a good platform for delivery of our full-year guidance," it said.
alastair.reed@thomson.com
ar/rw
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