Fugro falls after Q1 profit warning

** Shares in Dutch geological data specialist Fugro FUR are down 12.4% after the company cut its Q1 revenue and profit guidance

** The co expects Q1 revenue for to decline by approximately 11% (Q1 2024: EUR 503 million) and Q1 EBIT is expected to be slightly positive (Q1 2024: EUR 44 million)

** KBC Securities says the profit warning was triggered by consensus estimates for 1Q25, which anticipated a revenue decline of 4.8%, compared to a 9% growth in 1Q24

** "It seems the intensified tariff war with coinciding uncertainty and a diving oil price is hindering investment decisions in the traditional energy markets and offshore wind markets outside the US too," KBC Securities adds

** Despite the company's reassurance about its FY EBIT guidance, the broker downgrades Fugro's status to 'under review' from 'buy', awaiting a revision of its earnings model

** Jefferies echoes these comments and adds that the decline in Q1 revenue is caused by pause in new offshore wind projects in the US (c.8% of FY24 revenues), and now also project scope reductions, and slower award decisions on the back of rapidly increased geopolitical and economic uncertainties

** The broker flags also that the co will reassess FY25E revenue guidance when greater clarity materialises, vs. further revenue growth expected previously

** If losses hold, share on track for its worst day since 2024-11-01, when it closed 16.2% lower

** Up to the previous session's close, shares were down 22.5%​ YTD