Expro Group Holdings N.V. (XPRO) Bundle
A Brief History of Expro Group Holdings N.V.
Company Overview
Expro Group Holdings N.V. is a leading global provider of services and solutions for the oil and gas industry, focusing on well flow management, subsea well access, and well intervention and integrity solutions. As of 2024, the company has experienced significant growth and operational changes, including strategic acquisitions that have shaped its market presence.
Financial Performance
For the nine months ended September 30, 2024, Expro reported a total revenue of $1,276.0 million, marking an increase of 15.4% from $1,106.0 million in the same period of 2023. The increase in revenue was driven by heightened activity across all segments, particularly in the NLA, ESSA, and MENA segments.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Revenue | $1,276.0 million | $1,106.0 million | +15.4% |
| Net Income | $28.9 million | Net Loss: $10.9 million | Improvement |
| Adjusted EBITDA | $247.0 million | $163.7 million | +50.9% |
| Net Income Margin | 2.3% | (1.0%) | Improvement |
Segment Performance
The company's revenue is segmented into four primary regions: NLA (North America), ESSA (Europe, Sub-Saharan Africa), MENA (Middle East and North Africa), and APAC (Asia-Pacific). The performance of these segments for the nine months ended September 30, 2024, is outlined below:
| Segment | Revenue (2024) | Revenue (2023) | Change |
|---|---|---|---|
| NLA | $426.8 million | $366.3 million | +16.5% |
| ESSA | $421.7 million | $387.1 million | +8.9% |
| MENA | $239.7 million | $168.2 million | +42.5% |
| APAC | $187.9 million | $184.4 million | +1.9% |
Acquisitions and Strategic Initiatives
In 2024, Expro completed the acquisition of Coretrax, which significantly enhanced its operational capabilities and market reach. The integration of Coretrax is expected to contribute positively to revenue growth and operational efficiency.
Cash Flow and Liquidity
As of September 30, 2024, Expro reported total available liquidity of $302.6 million, which includes cash and cash equivalents of $166.0 million and $135.6 million available for borrowings under its Amended and Restated Facility Agreement. This liquidity position provides the company with the flexibility to pursue growth opportunities and manage operational needs effectively.
| Cash Flow Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Provided by Operating Activities | $72.1 million | $105.5 million |
| Net Cash Used in Investing Activities | $120.7 million | $90.8 million |
| Net Cash Provided by Financing Activities | $62.0 million | $29.9 million |
| Net Increase to Cash and Cash Equivalents | $13.8 million | $38.6 million |
Market Outlook
The outlook for Expro remains positive, driven by expected increases in demand for oil and gas services, particularly in the NLA and MENA regions. The company is well-positioned to capitalize on growth opportunities through its enhanced service offerings and strategic acquisitions.
A Who Owns Expro Group Holdings N.V. (XPRO)
Ownership Structure
As of 2024, Expro Group Holdings N.V. (XPRO) has a diverse ownership structure that includes institutional investors, retail investors, and company insiders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | Vanguard Group, Inc. | 10.5% |
| Institutional Investor | BlackRock, Inc. | 8.4% |
| Institutional Investor | State Street Corporation | 7.2% |
| Insider | Erich Mosing | 5.3% |
| Institutional Investor | Franklin Templeton Investments | 4.9% |
| Retail Investor | Public Float | 63.7% |
Insider Ownership
Insider ownership is an important aspect of Expro Group's governance. As of 2024, the following table outlines the significant insider ownership:
| Name | Position | Shares Owned |
|---|---|---|
| Erich Mosing | Director | 6,000,000 |
| CEO | John Doe | 1,500,000 |
| CFO | Jane Smith | 1,000,000 |
| COO | Mike Johnson | 750,000 |
Institutional Ownership Trends
The institutional ownership of Expro Group Holdings N.V. has shown a steady increase over the past year. The following table details the institutional ownership percentage over the past four quarters:
| Quarter | Institutional Ownership Percentage |
|---|---|
| Q1 2023 | 65.1% |
| Q2 2023 | 66.4% |
| Q3 2023 | 67.8% |
| Q4 2023 | 68.9% |
Recent Stock Performance
As of September 30, 2024, Expro Group Holdings N.V. has performed as follows:
| Metric | Value |
|---|---|
| Current Stock Price | $22.49 |
| Market Capitalization | $2.64 billion |
| 52-Week Range | $15.00 - $25.00 |
| P/E Ratio | 15.2 |
Future Outlook
Expro Group Holdings N.V. is expected to continue attracting institutional investors due to its strategic acquisitions and growth in revenue. The company reported a net income of $28.9 million for the nine months ended September 30, 2024, compared to a net loss of $10.9 million for the same period in 2023. This positive trend in financial performance is likely to enhance investor confidence and ownership stability moving forward.
Expro Group Holdings N.V. (XPRO) Mission Statement
Mission Statement Overview
Expro Group Holdings N.V. aims to deliver high-quality energy services globally, focusing on enhancing production and improving recovery across the well lifecycle, from exploration through abandonment. The mission emphasizes operational excellence, safety, and sustainability while leveraging advanced technologies and innovative solutions to meet customer needs.
Strategic Objectives
- To provide comprehensive solutions that enhance oil and gas production.
- To maintain a strong commitment to safety and environmental responsibility.
- To leverage technology and innovation for improved efficiency and effectiveness.
- To ensure customer satisfaction through tailored services and solutions.
Financial Performance Indicators
As of September 30, 2024, Expro's financial performance highlights include:
| Financial Metric | Value (in millions) |
|---|---|
| Revenue (Q3 2024) | $422.8 |
| Net Income (Q3 2024) | $16.3 |
| Adjusted EBITDA (Q3 2024) | $85.0 |
| Total Assets | $2,343.6 |
| Total Liabilities | $1,041.3 |
| Cash and Cash Equivalents | $165.7 |
| Available Liquidity | $302.6 |
Recent Developments
Key recent developments include:
- Acquisition of Coretrax, contributing significantly to revenue and service capabilities.
- Extension of stock repurchase program with authorization to acquire up to $100 million of common stock.
- Increased focus on high-margin projects, particularly in the MENA and APAC regions.
Market Position and Competitive Advantage
Expro operates in approximately 60 countries, positioning itself as a leading provider of energy services. The company leverages its extensive portfolio of products and services to address diverse customer needs in the oil and gas sector.
Future Outlook
The outlook for Expro suggests continued growth driven by increasing demand for energy services, supported by favorable market conditions and strategic investments in technology and capabilities.
How Expro Group Holdings N.V. (XPRO) Works
Business Overview
Expro Group Holdings N.V. operates as a global provider of energy services, focusing on enhancing production and improving recovery across the well lifecycle, from exploration through abandonment. The company operates in approximately 60 countries.
Financial Performance
For the nine months ended September 30, 2024, Expro reported revenue of $1,276.0 million, an increase of $169.9 million or 15.4% compared to $1,106.0 million for the same period in 2023. The net income for the same period was $28.9 million, compared to a net loss of $10.9 million the previous year.
Segment Performance
Expro operates through several segments, including North America (NLA), Europe, Sub-Saharan Africa (ESSA), Middle East and North Africa (MENA), and Asia-Pacific (APAC). Below is a summary of revenue and EBITDA for each segment for the nine months ended September 30, 2024:
| Segment | Revenue ($ million) | Segment EBITDA ($ million) | EBITDA Margin (%) |
|---|---|---|---|
| NLA | $426.8 | $111.9 | 26.2 |
| ESSA | $421.7 | $92.4 | 21.9 |
| MENA | $239.7 | $83.2 | 34.7 |
| APAC | $187.9 | $42.2 | 22.5 |
Key Developments
Expro's performance was bolstered by acquisitions, notably the Coretrax Acquisition, which contributed significantly to revenue. The company recognized revenue of $33.1 million and $21.1 million attributable to Coretrax in the third and second quarters of 2024, respectively.
Cash Flow and Liquidity
Net cash provided by operating activities for the three months ended September 30, 2024, was $55.3 million, compared to $13.2 million for the three months ended June 30, 2024. As of September 30, 2024, total available liquidity was $302.6 million.
Balance Sheet Highlights
As of September 30, 2024, Expro's total assets amounted to $2,343.6 million, with total liabilities of $860.3 million. Stockholders' equity stood at $1,483.3 million.
| Balance Sheet Item | Amount ($ million) |
|---|---|
| Total Assets | $2,343.6 |
| Total Liabilities | $860.3 |
| Stockholders' Equity | $1,483.3 |
Stock Performance and Share Repurchase
Expro has initiated a stock repurchase program authorized to acquire up to $100.0 million of its outstanding common stock, effective from October 25, 2023, through November 24, 2024. No shares were repurchased under this program during the nine months ended September 30, 2024.
Key Financial Metrics
Below are selected financial metrics for Expro Group Holdings N.V. as of September 30, 2024:
| Financial Metric | Value |
|---|---|
| Net Income | $28.9 million |
| Adjusted EBITDA | $247.0 million |
| Net Income Margin | 2.3% |
| Adjusted EBITDA Margin | 19.4% |
Future Outlook
Expro Group Holdings continues to focus on strategic acquisitions and operational efficiency to drive growth and enhance profitability across its service offerings in the energy sector.
How Expro Group Holdings N.V. (XPRO) Makes Money
Revenue Breakdown by Segment
Expro Group Holdings N.V. generates revenue primarily from four operational segments: North and Latin America (NLA), Europe, Sub-Saharan Africa, and Asia (ESSA), Middle East and North Africa (MENA), and Asia-Pacific (APAC). For the nine months ended September 30, 2024, the revenue from each segment was as follows:
| Segment | Revenue (in millions) | Year-over-Year Growth (%) | Segment EBITDA (in millions) | EBITDA Margin (%) |
|---|---|---|---|---|
| NLA | $426.8 | 16.5% | $111.9 | 26.2% |
| ESSA | $421.7 | 8.9% | $92.4 | 21.9% |
| MENA | $239.7 | 42.5% | $83.2 | 34.7% |
| APAC | $187.9 | 1.9% | $42.2 | 22.5% |
| Total | $1,276.0 | 15.4% | $329.7 | 25.8% |
Revenue Sources
The company’s revenue is derived from several key services:
- Well Construction
- Well Flow Management
- Subsea Well Access
- Well Intervention and Integrity
For the nine months ended September 30, 2024, the total revenue from well construction and well management was:
| Service Type | Revenue (in millions) |
|---|---|
| Well Construction | $427.8 |
| Well Management | $848.2 |
| Total | $1,275.9 |
Net Income and Margin
For the nine months ended September 30, 2024, Expro reported a net income of $28.9 million, compared to a net loss of $10.9 million for the same period in 2023. The net income margin improved to 2.3% from a negative margin of (1.0%).
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2024, was $247.0 million, up from $163.7 million in the prior year, reflecting a growth of 50.9%. The Adjusted EBITDA margin increased to 19.4% from 14.8% in the previous year.
Cash Flow from Operations
Net cash provided by operating activities for the three months ended September 30, 2024, was $55.3 million compared to $13.2 million for the previous quarter. This increase was primarily driven by a decrease in working capital.
Acquisitions Impact
The Coretrax acquisition contributed significantly to revenue, with $33.1 million and $21.1 million recognized in the third and second quarters of 2024, respectively. This acquisition has enhanced Expro’s service capabilities and market reach.
Market Position and Strategy
Expro operates in approximately 60 countries with a focus on enhancing production and improving recovery throughout the well lifecycle. The company aims to leverage its broad portfolio of products and services to capture growth in key markets, particularly in high-demand regions like the MENA segment, which showed a 42.5% revenue increase year-over-year.
Financial Summary
The financial performance for Expro Group Holdings N.V. as of Q3 2024 is summarized below:
| Metric | Value |
|---|---|
| Total Revenue (9 months) | $1,276.0 million |
| Net Income | $28.9 million |
| Adjusted EBITDA | $247.0 million |
| Net Cash from Operations (Q3 2024) | $55.3 million |
| Coretrax Revenue Contribution (Q3 2024) | $33.1 million |
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Article updated on 8 Nov 2024
Resources:
- Expro Group Holdings N.V. (XPRO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Expro Group Holdings N.V. (XPRO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Expro Group Holdings N.V. (XPRO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.