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Dec 31, 2023
Frank's International Q4 2023 Earnings Report
Expro reported strong operational performance and profitable growth, driven by a rebound of NLA activity and the acquisition of PRT Offshore.
Key Takeaways
Expro Group Holdings N.V. reported Q4 2023 revenue of $407 million, a 10% sequential increase, and a net loss of $12 million. Adjusted EBITDA was $85 million, up 70% sequentially, with an Adjusted EBITDA margin of 21%. The company anticipates revenues of between $1,600 million to $1,700 million in 2024.
Revenue for the fourth quarter was $407 million, up 10% sequentially, driven by increased activity in North and Latin America and the acquisition of PRT Offshore.
Net loss for the fourth quarter was $12 million, or $0.11 per diluted share, compared to a net loss of $14 million, or $0.13 per diluted share, for the third quarter of 2023.
Adjusted EBITDA was $85 million, a sequential increase of $35 million, or 70%, driven by higher activity and lower unrecoverable costs within the light well intervention business.
The company expects revenues of between $1,600 million to $1,700 million in 2024, with Adjusted EBITDA between $325 million and $375 million, and Adjusted EBITDA margin between 20% and 22%.
Forward Guidance
Expro anticipates generating revenues of between $1,600 million to $1,700 million in 2024. Adjusted EBITDA in 2024 is expected to be between $325 million and $375 million, and Adjusted EBITDA margin is expected to be between 20% and 22%.
Positive Outlook
- Expect improving profitability to drive improved cash flow generation.
- Capitalizing on tailwinds in the industry.
- Strong performance in 2023.
- Positive activity outlook.
- Proposed acquisition of Coretrax will be completed at the beginning of the third quarter.
Challenges Ahead
- Revenue and profitability in the first quarter of 2024 are expected to be negatively impacted by the winter season in the Northern Hemisphere.
- Revenue and profitability in the first quarter of 2024 are expected to be negatively impacted by the budget cycles of our national oil company customers.
- First quarter revenue is expected to be within a range of $365 million and $375 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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