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Mar 31, 2024
Frank's International Q1 2024 Earnings Report
Expro Group Holdings N.V. reported solid financial results for the first quarter, with revenue surpassing expectations and Adjusted EBITDA consistent with guidance.
Key Takeaways
Expro Group Holdings N.V. announced first quarter 2024 results with revenue of $383 million, up 13% year-over-year. Net loss was $3 million, and Adjusted EBITDA was $67 million, up 61% year-over-year. The company reaffirmed its full-year 2024 guidance for revenue and Adjusted EBITDA.
Revenue of $383 million, up 13% year-over-year.
Net loss of $3 million, compared to a net loss of $6 million for the first quarter of 2023.
Adjusted EBITDA of $67 million, up 61% year-over-year.
Reaffirming full-year 2024 revenue guidance of $1.6 to $1.7 billion and Adjusted EBITDA guidance of $325 to $375 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Expro has reaffirmed its 2024 full year guidance.
Positive Outlook
- Revenues of between $1,600 million and $1,700 million.
- Adjusted EBITDA between $325 million and $375 million.
- Adjusted EBITDA margin between 20% and 22%.
- Second quarter revenue is expected to reflect approximately 20% year-on-year growth and sequential growth of 8%.
- Adjusted EBITDA Margin in an expected range of 20% to 21%.
Challenges Ahead
- Full-year guidance assumes our proposed acquisition of Coretrax will be completed at the beginning of the third quarter.
- Expect reduced activity in the US land market for the next several quarters.
- Lower revenue and a less favorable activity mix, primarily in NLA and ESSA segments.
- A decrease in Segment EBITDA and Segment EBITDA margin was attributable to lower activity and activity mix during the three months ended March 31, 2024 in NLA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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