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Sep 30, 2023
Frank's International Q3 2023 Earnings Report
Announced third quarter 2023 results, showing a decrease in net income compared to the previous quarter, but an increase in revenue year-over-year.
Key Takeaways
Expro Group Holdings N.V. reported revenue of $370 million, a net loss of $14 million, and adjusted EBITDA of $50 million for the third quarter of 2023. The results were impacted by lower activity in NLA, suspension of vessel-deployed LWI operations, and structural challenges in the U.S. onshore market.
Revenue was $370 million, down 7% sequentially and up 11% year-over-year.
Net loss was $14 million, compared to net income of $9 million in Q2 2023 and net loss of $18 million in Q3 2022.
Adjusted EBITDA was $50 million, down 31% sequentially and up 4% year-over-year.
Net cash provided by operating activities was $59 million, compared to $25 million in Q2 2023.
Forward Guidance
Expro anticipates a rebound in NLA offshore activity in the coming quarters, but expects structural challenges in the U.S. onshore market to require structural solutions. Capital expenditures are planned in the range of approximately $30 million to $40 million for the remainder of 2023.
Positive Outlook
- International and offshore markets expected to be resilient.
- Increased upstream spending supporting a multi-year growth phase.
- Anticipating a rebound in NLA offshore activity in the coming quarters.
- Expansion of subsea well access sector in NLA.
- Acceleration of PRT Offshore’s surface equipment offering in the Europe and Sub-Saharan Africa (“ESSA”) and Asia Pacific (“APAC”) regions.
Challenges Ahead
- Near-term volatility in energy services.
- Sequentially lower activity in the U.S.
- Short-term softness in the U.S. Gulf of Mexico.
Historical Earnings Impact
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