Perenti shares plunge on first-half ‘miss across the board’
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More news: Perenti shares tumbled in morning trade after missing consensus estimates for the first-half period.
Shares were down 12.8% to $2.46 at 12:20pm AEDT. The stock is up 78% over the last 12 months.
Citi analyst William Park said he was encouraged by net capex guidance being lowered and free cash guidance being raised, but called the result a “miss across the board”, with higher-than-expected costs from its technology-driven service offering Idoba.
Perenti first-half profit lifts 11% to $71m
The news: Mining services group Perenti has seen an 11% uplift in its first-half profit to $71 million as contract mining and drilling services market conditions improved, particularly in North America, according to the company.
The numbers: Net income was in line with market expectations, according to Visible Alpha.
Revenue for the first half period came in at $1.73 billion, in line with the first half record set in the previous corresponding period. Meanwhile, underlying EBITA lifted 3% to $160.1 million.
An interim dividend of 3.25 cents was declared, ahead of the 3 cents declared in the previous comparable period and in line with the expected 3 cents.
FY26 guidance has been tightened due to the rising AUD to USD exchange rate. Revenue for the year is expected to be between $3.45 billion and $3.55 billion, narrowed from between $3.45 billion and $3.65 billion. EBITA guidance has narrowed to $335 million to $350 million, from a previous range of $335 million to $355 million.
The source: ASX
