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Jun 30, 2022
Frank's International Q2 2022 Earnings Report
Expro delivered robust operational performance as breadth of portfolio, depth of expertise, global operating footprint and strong financial profile enabled growth.
Key Takeaways
Expro Group Holdings N.V. reported a revenue of $314 million for the second quarter of 2022, a 12% increase compared to the first quarter of 2022. The company reported a net loss of $4 million, or $0.04 per diluted share. Adjusted EBITDA was $51 million, a sequential increase of $14 million, or 39%.
Revenue was $314 million, up 12% compared to the first quarter of 2022, driven by higher activity across NLA, ESSA and APAC segments.
Net loss for the second quarter of 2022 was $4 million, or $0.04 per diluted share, compared to a net loss of $11 million, or $0.10 per diluted share, for the first quarter of 2022.
Adjusted EBITDA was $51 million, a sequential increase of $14 million, or 39%, primarily driven by higher activity during the second quarter.
The Company repurchased 1.1 million shares at an average price of $11.81 per share, for a total cost of $13.0 million under this $50.0 million program.
Forward Guidance
Expro is seeing increased demand for our services and solutions as the recovery that began within the U.S. onshore market has begun to gain traction in the offshore and international markets.
Positive Outlook
- Increased focus on North Sea operations and optimizing production from existing assets.
- Strong signals indicate increases in drilling activity in NLA, MENA and APAC in the second half of 2022 and beyond.
- Pipeline of projects will support strong, multi-year growth for the energy services sector.
- Expro is uniquely positioned to serve our customers in the current market through our leading and differentiated technology portfolio and the depth of our expertise.
- Progress in bringing the legacy Frank’s and Expro’s businesses together to capture the full potential of our combined platform while achieving cost savings and expanding margins.
Challenges Ahead
- Potential structural loss of Russian barrels.
- Need for cost-effective solutions to facilitate the energy transition.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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