Home News Aker Solutions: Strong Q2 Performance and Increased Revenue Guidance

Aker Solutions: Strong Q2 Performance and Increased Revenue Guidance

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Aker Solutions, a leading service provider in the energy industry, has announced impressive second-quarter earnings that surpassed forecasts, reflecting the growing activity in the sector. The company reported a net profit attributable to shareholders of 528 million Norwegian kroner ($52.2 million) for the quarter, a significant increase from the NOK269 million recorded in the same period last year. Furthermore, the revenue rose by an impressive 34% to reach NOK14.25 billion.

Market analysts polled by FactSet had estimated a net profit of NOK444 million on revenue of NOK12.41 billion, making Aker Solutions’ performance even more remarkable.

The positive outlook for Aker Solutions continues, as the company enjoys a high order backlog that provides excellent visibility on future activity levels. Consequently, their full-year revenue guidance for 2023 has been revised upwards to reflect an expected increase of about 30% compared to 2022. Previously, the guidance anticipated a growth rate of over 15%. Additionally, the underlying earnings before interest, tax, depreciation, and amortization margin is expected to remain higher.

Although the order intake for this quarter was slightly lower at NOK12.3 billion compared to NOK13.6 billion in the previous year, the backlog has experienced substantial growth, reaching NOK97.7 billion from NOK52.7 billion. This further emphasizes the company’s positive prospects for the foreseeable future.

In terms of upcoming projects, Aker Solutions is currently in the process of tendering contracts with an approximate value of NOK100 billion.

Overall, Aker Solutions’ strong performance in the second quarter and increased revenue guidance demonstrate their commitment to delivering exceptional results and capitalizing on the growing opportunities in the energy sector.

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