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Mar 31, 2022
Frank's International Q1 2022 Earnings Report
Delivered solid performance in the first quarter, enabled by scale, broad portfolio, global operating footprint, through-cycle capabilities and strong financial profile.
Key Takeaways
Expro Group Holdings N.V. reported solid operational performance and encouraging financial results in the first quarter of 2022, driven by the benefits of the recently completed merger and capitalizing on its increased scale and broad portfolio.
Revenue was $280 million, a decrease of 5% compared to the fourth quarter of 2021, driven by lower activity in ESSA and APAC, partially offset by higher activities in NLA and MENA.
Net loss for the first quarter of 2022 was $11 million, or $0.10 per diluted share, compared to a net loss of $91 million, or $0.84 per diluted share, for the fourth quarter of 2021.
Adjusted net income for the first quarter of 2022 was $1 million, or $0.01 income per diluted share, compared to adjusted net loss for the fourth quarter of 2021 of $4 million, or $0.03 loss per diluted share.
Adjusted EBITDA was $37 million, a sequential decrease of $14 million, or 27%, driven by seasonally lower activity, mobilization costs, and project start-up delays.
Forward Guidance
Expro sees strengthening signals of a multi-year recovery as customers seek to balance their energy security and sustainability priorities, and expects demand for services and solutions to increase throughout 2022 and beyond.
Positive Outlook
- Operators are increasingly looking at short-cycle projects to boost production from existing assets
- Operators are increasingly looking at longer-cycle, new field development projects in order to increase production capacity and thereby improve the diversity and reliability of energy supply.
- Expro is uniquely positioned to serve our customers in the current market through our combined technology and know-how
- Expro is prioritizing safety and service quality
- Enabling Expro to deliver maximum value to our customers, shareholders and other stakeholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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