Worley shares fall after downgrading FY26 earnings guidance
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More news: Shares in Worley fell in afternoon trade after the engineering group warned that the ongoing Middle East war would delay its operational and contract awards, impacting its FY26 earnings outlook.
Shares had fallen 6.18% to $11.09 at 3:07pm AEST.
Worley downgrades FY26 earnings guidance on ongoing MidEast conflict
The news: Worley has downgraded its FY26 underlying earnings before interest, tax and amortisation (EBITA) to be in the range of $30 million and $40 million, citing operational delays and slower contract awards due to the ongoing Middle East conflict.
The context: The company will not achieve growth in underlying EBITA for FY26. It still expects the EBITA margin to remain between 9% and 9.5%. Actual outcomes will vary and are reliant on the duration of the conflict, supply chain disruptions and the pace of recovery.
Worley added that no project cancellations have occurred to date and customer support is being provided for asset restoration and strategic projects linked to the conflict to ensure business continuity and to facilitate rebuild efforts.
The company is scheduled to hold an investor day meeting on 14 May.
The source: ASX
