Expro Group Holdings N.V. announced strong fourth-quarter 2024 results with revenue of $437 million, a 3% sequential and 7% year-over-year increase. Adjusted EBITDA reached $100 million, representing a 23% margin, marking an 18% increase both sequentially and year-over-year.
For the full year 2024, Expro reported revenue of $1.713 billion, up 13% year-over-year, and Adjusted EBITDA of $347 million, a 40% increase from $249 million in 2023, with an Adjusted EBITDA margin of 20%. The company's Board approved an extension of its $100 million stock repurchase program, having repurchased 1.2 million shares for $14 million in Q4 2024.
Expro provided a positive outlook for 2025, anticipating full-year revenues to be stable to modestly up year-on-year, with Adjusted EBITDA margin expected to improve over 100 basis points. The company also highlighted Q4 contract wins totaling $314 million, including a $35 million multi-year deepwater campaign in Mexico and over $40 million for services in the Norwegian Continental Shelf.
Technological advancements included the first deployment of iTONG™ in Ivory Coast, which reduced make-up times by 50%, and the first deployment of Blackhawk™ Wireless Plug Dropping Cement Head with SKYHOOK™ in the Arabian Gulf, enhancing safety by eliminating red zone entry. The company also resolved outstanding variation orders for its Congo production solutions project, transitioning to a more profitable operations and maintenance phase.
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