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Jun 30, 2024
Frank's International Q2 2024 Earnings Report
Reported strong financial performance with revenue and Adjusted EBITDA exceeding guidance, including the impact of the early closing of the Coretrax acquisition.
Key Takeaways
Expro Group Holdings N.V. reported strong second quarter results with revenue of $470 million, a 22% sequential increase and an 18% year-over-year increase. Net income was $15 million, compared to a net loss of $3 million in the previous quarter and net income of $9 million in the same quarter last year. The company is increasing its full-year 2024 revenue guidance range to $1.70 to $1.75 billion and refining its full-year 2024 Adjusted EBITDA range to $350 to $375 million.
Revenue reached $470 million, up 22% sequentially and 18% year-over-year.
Net income was $15 million, compared to a net loss of $3 million for the first quarter of 2024 and net income of $9 million for the second quarter of 2023.
Adjusted EBITDA was $95 million, up 40% sequentially and 32% year-over-year.
Full-year 2024 revenue guidance range increased to $1.70 to $1.75 billion, and full-year 2024 Adjusted EBITDA range refined to $350 to $375 million.
Forward Guidance
Expro is increasing its full-year 2024 revenue guidance range to $1.70 to $1.75 billion and refining its full-year 2024 Adjusted EBITDA range to $350 to $375 million. Third quarter revenue is expected to be between $410 million and $430 million, with Adjusted EBITDA margin expected to be in a range of 21% to 22%.
Positive Outlook
- Strong first half of the year performance
- Positive market outlook
- Successful early closing of the Coretrax acquisition
- Increased global demand for services and solutions that support lower-cost, carbon-advantaged incremental production
- Long-cycle development providing good business momentum, particularly for drilling and completions-levered businesses
Challenges Ahead
- Expected sequential decrease in revenue in the third quarter
- Increase in net working capital
- Cash paid for merger and integration expense
Historical Earnings Impact
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