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Dec 31, 2024
Frank's International Q4 2024 Earnings Report
Expro announced fourth quarter and full year results, with revenue up 7% year-over-year and adjusted EBITDA margin reaching 23%.
Key Takeaways
Expro reported a solid fourth quarter with revenue of $437 million, a 7% increase year-over-year. Adjusted EBITDA was $100 million with a margin of 23%. Net income was $23 million, or $0.19 per diluted share. The company also repurchased 1.2 million shares for $14 million and extended its stock repurchase program.
Revenue increased 7% year-over-year to $437 million.
Adjusted EBITDA reached $100 million, with a margin of 23%.
Net income was $23 million, or $0.19 per diluted share.
Company repurchased 1.2 million shares for $14 million and extended stock repurchase program.
Forward Guidance
Expro anticipates full-year revenues to be stable to up modestly year-on-year for 2025. Adjusted EBITDA margin is expected to improve over 100 bps year-on-year. First quarter revenue is expected to be down sequentially by approximately 15% and relatively flat year-on-year. Adjusted EBITDA margin for the first quarter of 2025 is expected to be sequentially lower by about 400 bps but up 50-100 bps year-on-year.
Positive Outlook
- Full-year revenues to be stable to up modestly year-on-year.
- Adjusted EBITDA margin is expected to improve over 100 bps year-on-year.
- Activity rebound expected in the second quarter.
- International and offshore markets should build momentum as the year progresses.
- Significant offshore projects expected to be sanctioned in late 2025 and throughout 2026.
Challenges Ahead
- First quarter revenue is expected to be down sequentially by approximately 15% and relatively flat year-on-year.
- Quarterly sequential decrease is largely due to Northern hemisphere seasonality and the non-repeat of subsea well access projects delivered in the fourth quarter of 2024.
Historical Earnings Impact
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