Expro Group Holdings N.V. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $422.8 million, up from $369.8 million, marking a 14.3% increase. For the nine months, revenue rose to $1.276 billion from $1.106 billion, reflecting a 15.4% growth. This increase was driven by strong performance in the North and Latin America (NLA) and Middle East and North Africa (MENA) segments, which saw revenues of $139.4 million and $86.7 million, respectively, for the third quarter.
The company achieved an operating income of $26.1 million for the third quarter, a turnaround from an operating loss of $1.6 million in the prior year. For the nine months, operating income was $62.2 million, compared to $17.5 million in 2023. Net income for the third quarter was $16.3 million, a significant recovery from a net loss of $13.9 million in the same quarter last year. For the nine months, net income totaled $28.9 million, reversing a net loss of $10.9 million in 2023.
Expro's Adjusted EBITDA for the third quarter was $85.0 million, down from $94.6 million in the previous quarter, while for the nine months, it increased to $247.0 million from $163.7 million, indicating a 50.9% rise year-over-year. The Adjusted EBITDA margin improved to 19.4% for the nine months, up from 14.8% in 2023.
Strategically, Expro has been active in acquisitions, including the purchase of DeltaTek Oil Tools Limited in February 2023 and PRT Offshore in October 2023, with total consideration of $90.8 million. The Coretrax acquisition, completed in May 2024, involved a fair value of $186.7 million. These acquisitions are expected to enhance Expro's service offerings and operational efficiencies.
On the operational front, the company reported a decrease in net cash provided by operating activities to $72.1 million for the nine months, down from $105.5 million in 2023, primarily due to increased working capital and higher merger-related expenses. Capital expenditures also rose to $99.2 million, reflecting ongoing investments in growth.
As of September 30, 2024, Expro's total assets increased to $2.344 billion, up from $2.013 billion at the end of 2023, with total stockholders' equity rising to $1.483 billion. The company has also amended its revolving credit facility, increasing total commitments to $340 million, providing additional liquidity for future growth initiatives.
About EXPRO GROUP HOLDINGS N.V.
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