Wood Group Rises as Oil Engineering Unit Earnings Set to Gain
Shares of the Aberdeen, Scotland-based company rose as much as 3.4 percent and traded up 2.2 percent at 684 pence as of 8:26 a.m. in London.
The engineering unit’s earnings before interest, taxes and amortization will gain about 30 percent this year compared with 2011, Wood Group said in a trading statement today. The company’s full-year performance will be in line with its expectations, it said.
“We expect engineering to continue to outperform, driven by a strong upstream market,” Nick Copeman, an analyst at Oriel Securities Ltd., said in an e-mailed note.
To contact the reporter on this story: Brian Swint in London at firstname.lastname@example.org