The company’s shares fell as much as 7.7% in morning trade before recouping some of their losses to trade 2.3% lower at 419 pence per share at 07:39 GMT.
“During this period, our OCTG, Subsea and Advanced Manufacturing product groups showed strong performance,” said CEO Jim Johnson, as the company reported a 32% increase in its backlog during the six-month period.
An $86 million project Hunting signed with Kuwait Oil Company will offset headwinds in the Perforating Systems product unit, Hunting added.
“HTG’s Titan perforation system business continues to face headwinds in the U.S. onshore market,” noted analysts at Jefferies.
The company reported core earnings of $60.3 million for the six months ended June 30, up from $49.1 million a year earlier but below market expectations, according to analysts at Jefferies.
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Reporting by Prerna Bedi in Bengaluru; Editing by Nivedita Bhattacharjee
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