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Sep 30, 2021
Frank's International Q3 2021 Earnings Report
Expro Group Holdings N.V. announced unconsolidated third quarter 2021 results for Legacy Expro and Frank’s.
Key Takeaways
Expro Group Holdings N.V. reported financial results for Legacy Expro and Frank’s International N.V. for the three months ended September 30, 2021. Third quarter pro forma combined company revenue was $312.5 million, an increase of 10% sequentially.
Frank’s delivered third quarter revenue of $114.9 million, an improvement of 7% from the second quarter of 2021.
Frank’s Adjusted EBITDA for the third quarter of 2021 was $13.8 million, a sequential improvement of 11% with improving revenue in the TRS and Tubulars product lines.
Legacy Expro’s third quarter revenue was $197.5 million, compared to revenue of $176.3 million in the second quarter of 2021, an increase of 12% sequentially.
Legacy Expro Adjusted EBITDA for the third quarter of 2021 was $30.9 million, a sequential increase of 18%, driven by higher revenue, a more favorable activity mix and lower corporate costs.
Forward Guidance
The Company’s current outlook for the fourth quarter of 2021 is for flat to mid-single digit revenue growth and an Adjusted EBITDA Margin, consistent with the definition used by Legacy Expro, of 15-17% of consolidated revenue, driven by improved business mix and continued discipline in regard to costs.
Positive Outlook
- Expect another quarter of solid financial performance.
- Flat to mid-single digit revenue growth
- Adjusted EBITDA Margin of 15-17% of consolidated revenue
- Improved business mix
- Continued discipline in regard to costs.
Challenges Ahead
- Fourth and first quarters are typically seasonally weaker quarters due to reduced activity in the Northern Hemisphere.
- Multi-year recovery is expected to gain momentum as 2022 progresses.
- integration work has confirmed expectations that we can strengthen our operating model
Historical Earnings Impact
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Avg. Return Before/After Earnings
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