Stock Track | Expro Stock Soars 7% in Pre-Market on Solid Q3 Results

Stock Track10-24

Expro Group Holdings N.V. (NYSE: XPRO), a leading provider of energy services, saw its stock soar 7.23% in pre-market trading on Tuesday after reporting solid third-quarter 2024 results.

The company reported revenue of $422.8 million, up 14.3% year-over-year, driven by higher activity across all its segments. Adjusted EBITDA rose 69% year-over-year to $85 million, with an Adjusted EBITDA margin of 20%, up from 14% in Q3 2023.

Expro's Well Construction segment revenue grew 38% year-over-year, while its Well Management segment revenue increased 62% from the prior-year period. The company's international and offshore operations continued to gain momentum, with its Europe and Sub-Saharan Africa segment revenue up 31% year-over-year.

The company's CEO, Michael Jardon, cited strong demand for Expro's services and solutions, driven by increasing upstream investment and a focus on cost-effective technologies. He expressed optimism for a multi-year growth phase for the energy services industry and the company's positioning to capitalize on opportunities.

Expro also updated its full-year 2024 guidance, expecting revenue between $1.72 billion and $1.75 billion, and Adjusted EBITDA between $335 million and $350 million, with an Adjusted EBITDA margin of around 20%.

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