WOR – UBS rates as Neutral

UBS tinkers with WorleyParsons’ net profit estimates to account for an extra A$20m tax charge relating to recent changes in US tax law. UBS has treated this, and the previous A$58m announced in the first-half result, as significant items so earnings-per-share figures are unchanged.

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Worley In Deep Water?

After questionable outcomes from previous acquisitions,brokers suspect WorleyParsons ((WOR)) will be hoping its deep dive into the North Sea finds the pearl. The company has extended its maintenance, modifications and operations (MMO) business, with an acquisition which should provide a leading capability in a market that has a relatively small number of competitors.

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WorleyParsons Rattles Brokers

WorleyParsons (WOR), a global procurement and construction manager to the resources sector, is testing the market’s resolve. At the company’s Annual General Meeting, management announced that, while earnings growth would fall short in the first half of FY14 against the prior corresponding first half, guidance for increased earnings over the year was staying put.

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WOR – Citi rates the stock as Neutral

$20.60 (was $25.25). The broker notes the company has cut its FY net profit from growth over FY12 -which implies better than $345.6m- down to $320m-340m, which is 8%-14% below consensus at $370m. Weaker than expected revenue from WA in both mining and oil and gas plus the the deferral of Canadian oil sands construction projects were blamed for the damage.

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