HOUSTON - Expro Group Holdings N.V. (NYSE:XPRO), a global oilfield services company, today announced its financial results for the first quarter ended March 31, 2024, with revenue and adjusted earnings meeting the company's expectations.
The company reported a revenue of $383 million, which is a 13% increase YoY but represents a 6% decrease from the previous quarter. This performance aligns with the analyst consensus of $370.99 million. Adjusted earnings per share (EPS) for the quarter were $0.09, consistent with analyst estimates.
The company's net loss narrowed to $3 million, or -$0.02 per diluted share, improving from a net loss of $12 million in the fourth quarter of 2023. The net loss margin was -1%, showing a positive shift from -3% in the prior quarter. Adjusted EBITDA came in at $67 million, indicating a 61% increase YoY, although it was down 20% sequentially due to lower activity in certain segments.
Expro's CEO Michael Jardon commented on the results, "Expro has started 2024 in a strong position delivering solid financial results for the first quarter, with revenue surpassing expectations and Adjusted EBITDA consistent with the midpoint of guidance provided on our fourth quarter of 2023 earnings conference call."
He attributed the company's performance to strong contract awards and strategic acquisitions, including the recent purchase of PRT Offshore and the pending acquisition of Coretrax.
Looking forward, Expro reaffirmed its full-year 2024 guidance, expecting revenue to be between $1.6 billion and $1.7 billion, which is slightly below the analyst consensus of $1.605 billion. The company anticipates Adjusted EBITDA to be in the range of $325 million to $375 million for the year.
The company's positive performance and reaffirmed guidance reflect its strategic initiatives and robust demand for its services, despite seasonal impacts and budget cycles. Expro remains focused on growth in international and offshore markets, as well as expansion into carbon capture, utilization, and storage (CCUS) projects.
As the stock market response is not available (n/a), the investor sentiment following these results cannot be assessed. However, the company's stable outlook and strategic positioning suggest a continued commitment to growth and profitability in the oilfield services sector.
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