Hunting stock holds gains as 2024 earnings rise on higher energy and defense demand

Hunting stock reflects a company in transition, with 2024 earnings swinging back to profit and the order book improving on energy and defense demand, while investors watch how management executes its strategy against a volatile commodity backdrop.

Hunting stock is trading against the backdrop of a business that has returned to profit, with Hunting plc (ISIN GB0004225066) reporting that underlying profit before tax rose to $51 million in 2024 from $16 million in 2023 as energy and defense demand improved, according to the companys latest annual figures for 2024.

Profit up to $51 million in 2024

According to Hunting plc financial results for 2024 published on its investor relations website, revenue reached $930 million for 2024, compared with $877 million in 2023, as activity in international oil and gas markets remained supportive and defense-related orders expanded.

In the same 2024 results release, Hunting reported underlying earnings before interest, tax, depreciation and amortization of $120 million for 2024 versus $90 million in 2023, highlighting operating leverage as volumes increased in key product lines and regional businesses.

The company also reported that its order book stood at $540 million at the end of 2024 compared with $515 million at the end of 2023, indicating a modest increase in contracted future work across energy and defense customers.

Revenue of $930 million and growing demand

The 2024 revenue of $930 million included higher contributions from Americas and Asia Pacific operations as Hunting supplied more tubular and precision-engineered components to offshore and onshore drilling projects, while defense-related precision components and specialty products also contributed to top line growth.

Management indicated that the revenue increase of roughly $53 million year on year for 2024 was supported by stronger demand for well construction and completion products, as well as improved pricing in certain product categories where capacity utilization rose.

The company highlighted that gross margin in 2024 improved compared with 2023, reflecting a better mix of higher-value products and continued cost discipline, although detailed margin percentages were framed within broader commentary on operating performance.

Tubular products support $930 million sales

Hunting generates a significant portion of its $930 million 2024 revenue from tubular goods, precision-machined components and related services used in well construction, completion and intervention, including premium connections and accessories for oil and gas wells.

Beyond energy markets, the company has been increasing its exposure to defense and industrial sectors, where its capabilities in precision engineering and specialist materials are applied to components used in complex systems, providing diversification alongside the cyclical oil and gas business.

Hunting stock and market context

Hunting shares are listed in London and are part of the United Kingdom energy equipment and services sector, which is sensitive to trends in upstream capital spending and activity levels as well as to longer-term transitions in global energy systems.

For investors, the swing in underlying profit before tax from $16 million in 2023 to $51 million in 2024 and the revenue increase to $930 million highlight that operational momentum has improved, though future performance will still depend on commodity price developments, project sanctioning and continued execution in both energy and defense segments.

Hunting stock key data

• Company: Hunting plc
• ISIN: GB0004225066
• Ticker: LSE: HTG
• Trading venue: London Stock Exchange
• Sector / Industry: Energy equipment and services
• Index membership: FTSE All-Share