Expro(US:XPRO)2025-02-25 12:00Revenue Performance - Fourth quarter revenue was $437 million, up 3% sequentially and up 7% year-over-year; full-year 2024 revenue reached $1,713 million, a 13% increase compared to 2023[1][8] - Total revenue for Q4 2024 was $436.8 million, an increase from $406.8 million in Q4 2023, representing a growth of 7.4% year-over-year[53] - The year ended December 31, 2024, saw total revenue of $1,712,802,000, an increase from $1,512,764,000 in the previous year[65] Profitability Metrics - Fourth quarter Adjusted EBITDA was $100 million, an 18% sequential increase, with an Adjusted EBITDA margin of 23%, up from 20% in the previous quarter[2][8] - Full-year Adjusted EBITDA increased by 40% to $347 million, with a margin of 20%, up from 16% in 2023[2][8] - Adjusted EBITDA for 2024 was $347,403 thousand, a 39.4% increase from $248,880 thousand in 2023[62] - Adjusted EBITDA for the three months ended December 31, 2024, was $100,357,000, representing an adjusted EBITDA margin of 23%[69] Net Income - Net income for the fourth quarter was $23 million, compared to $16 million in the third quarter of 2024 and a net loss of $12 million in the fourth quarter of 2023[2][8] - Full-year net income was $52 million, a turnaround from a net loss of $23 million in 2023; adjusted net income for 2024 was $111 million[3][12] - Net income for Q4 2024 was $23.0 million, compared to a net loss of $12.4 million in Q4 2023[53] - Net income for the three months ended December 31, 2024, was $23,034,000, compared to $16,275,000 in the previous quarter and a loss of $12,418,000 in the same quarter last year[69] Shareholder Returns - The company repurchased 1.2 million shares for a total cost of $14 million in the fourth quarter, as part of a $100 million stock repurchase program[3][12] - The Company approved a stock repurchase program allowing for the acquisition of up to $100 million of its common stock from October 25, 2023, through November 24, 2025[33] - Approximately 1.2 million shares were repurchased in both 2024 and 2023, costing approximately $14.2 million and $20.0 million respectively[33] Capital Expenditures - Capital expenditures for the fourth quarter totaled $44 million, with full-year expenditures at approximately $144 million; planned capital expenditures for 2025 are estimated between $120 million to $130 million[31][12] - Capital expenditures for 2024 were $143,576 thousand, up from $122,110 thousand in 2023, indicating a 17.6% increase[57] Financial Position - As of December 31, 2024, the company had consolidated cash and cash equivalents of $185 million and outstanding debt of $121 million, resulting in total liquidity of $320 million[32][12] - Total assets increased to $2,333,541 thousand in 2024, up from $2,013,007 thousand in 2023, representing a growth of 15.9%[55] - Total liabilities rose to $842,057 thousand in 2024, up from $717,134 thousand in 2023, reflecting a 17.4% increase[55] - The company reported a total stockholders' equity of $1,491,484 thousand in 2024, an increase from $1,295,873 thousand in 2023, representing a growth of 15.1%[55] Employee and Operational Insights - The Company has approximately 8,500 employees and operates in around 60 countries, providing energy services across the entire well life cycle[40] - Fourth quarter contract wins totaled $314 million, with significant contracts in well construction and intervention across various regions[12][12] Future Outlook - The company anticipates stable to modestly increased revenues for 2025, with an expected improvement of over 100 basis points in Adjusted EBITDA margin year-over-year[14][12] - Forward-looking statements indicate expectations for growth and strategic initiatives, including the anticipated benefits from the Coretrax acquisition[43]