Expro (XPRO) Reports Strong Revenue Growth

By Tamara Parker • Wednesday, February 21 11:39 • Permanent Link

Expro Group Holdings N.V. (NYSE: XPRO) announced its fourth-quarter and full-year 2023 financial results, showcasing strong operational performance and profitable growth. The company reported a revenue of $407 million for the fourth quarter, marking a 10% sequential increase, and a full-year revenue of $1,513 million, up 18% year-over-year. Net loss for the fourth quarter was $12 million, compared to a net loss of $14 million in the previous quarter, and a net loss of $23 million for the full year, as compared to a net loss of $20 million in 2022.

Adjusted EBITDA for the fourth quarter was $85 million, up 70% sequentially, with an adjusted EBITDA margin of 21%, up from 14% in the previous quarter. For the full year, adjusted EBITDA was $249 million, compared to $206 million in 2022, with an adjusted EBITDA margin of approximately 16% for both 2023 and 2022.

Michael Jardon, Chief Executive Officer, expressed optimism about the company's outlook, stating, "We begin 2024 in a strong position. As activity is strengthening, we are continuing to see a positive demand trend for our services and solutions and believe that the energy services sector and Expro's business are in the early phase of a multi-year growth cycle."

Jardon also provided the company's outlook for 2024, anticipating revenues between $1,600 million to $1,700 million and adjusted EBITDA between $325 million and $375 million, with an adjusted EBITDA margin between 20% and 22%.

Expro's shares have moved 3.5% and are currently trading at a price of $19.9.

The company's full 8-K submission is available here.

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