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Sep 30, 2024
Frank's International Q3 2024 Earnings Report
Reported solid results driven by commitment and innovation.
Key Takeaways
Expro Group Holdings N.V. reported revenue of $423 million, a 14% increase year-over-year, and a net income of $16 million for Q3 2024. The company is refining its full-year 2024 guidance to $1.72 to $1.75 billion in revenue and $335 to $350 million in Adjusted EBITDA.
Revenue reached $423 million, reflecting a 14% year-over-year increase.
Net income stood at $16 million, compared to a net loss of $14 million in Q3 2023.
Adjusted EBITDA was $85 million, up 69% year-over-year, but includes $7 million in losses from the Congo production solutions project.
The company captured $354 million of contract wins (excluding Coretrax and PRT Offshore).
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Expro expects fourth quarter revenue to be between $440 million and $470 million, with Adjusted EBITDA between $90 million and $105 million.
Positive Outlook
- Sequential and year-on-year revenue growth (at the mid-point of guidance) of 8% and 12%, respectively.
- Adjusted EBITDA expected to be in a range of $90 million to $105 million.
- Adjusted EBITDA margin of between 21% and 22%.
- Favorable resolution of several variation orders on our Congo production solutions project.
- Modest Q4 rebound in activity in NLA, and the expected start-up and completion of other projects.
Challenges Ahead
- Commodity prices under pressure the last several months, customers are being more cautious with discretionary spending.
- Increased focus on lowering the cost-of-service delivery, and, in some cases, delaying the start-up of new projects.
- Impact is expected to be most pronounced on short-cycle activity.
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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