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Wood sees up to $11.1B revenue for 2018

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Wood sees up to $11.1B revenue for 2018

John Wood Group PLC said Dec. 12 that it expects revenue of between $10.9 billion and $11.1 billion this year, up 10% from 2017.

The company expects to report revenue synergies with a cost of over $500 million and an increasing cost synergy target of over $210 million.

Full-year earnings before interest, taxes and amortization are expected at $620 million to $630 million, based on August guidance and market expectations.

Operational cash conversion after exceptional items is expected at about 100% and will contribute to a net reduction in net debt amounting to $1.5 billion ending December.

The company said the volatility in commodity prices may impact confidence and the pace of contract awards in 2019 despite its positive medium-term outlook in oil and gas.

The energy services provider said it expects earnings growth in 2019 brought by cost synergies amounting to $60 million.

Year-to-date through October, Wood announced it had secured approximately $250 million in midstream-sector contracts across the U.S.