Q3 2024 Expro Group Holdings NV Earnings Call Transcript
Key Points
- Expro Group Holdings NV (XPRO) reported Q3 2024 revenue of $423 million, which was within their guidance range.
- The company achieved a year-over-year revenue increase of 14%, marking the strongest Q3 revenue since the Expro Frank's merger in Q4 2021.
- Expro's backlog remains healthy at approximately $2.3 billion, indicating strong future demand.
- The company has been recognized with industry awards for innovation, highlighting its commitment to technological advancement.
- Expro is actively pursuing cost rationalization initiatives to improve operating leverage and support future growth.
- Q3 2024 adjusted EBITA was at the low end of guidance due to a $7 million negative impact from the Congo production solutions project.
- Sequential revenue declined by 10% due to the wrap-up of the Congo project and lower activity in certain regions.
- Commodity prices have been under pressure, leading to cautious customer spending and project delays.
- The company revised its full-year 2024 guidance downward, reflecting moderated growth expectations.
- Expro anticipates a slow start to 2025 due to cautious customer budgets and potential project delays.
Hello and welcome to the Expro Group Holdings NV Q-3 2024 earnings presentation. My name is Elliot and I'll be coordinating your call today. (Operator instructions)
I'd like to hand over to Chad Stevenson, Director of Investor Relations. Please go ahead.
Welcome to Exro third quarter, 2024 conference call. I'm joined today by Expo, CEO Mike Jordan and Expro CFO Quinn Fanning. First, Mike and Quinn will have some prepared remarks. Then we will open it up for questions.
We have an accompanying presentation on our third quarter results that is posted on Expo's website Exro dotcom under the investors section. In addition, supplemental financial information for the third quarter results is downloadable on the website. Likewise, under the investors section, I like to remind everyone that some of today's comments may refer to or contain forward-looking statements. Such remarks are subject to risk and uncertainties that could cause actual results to differ materially from those
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