ARCHER LIMITED First Quarter 2024 Highlights:
- Revenue of
$308 million , up 16% YOY -
Adjusted EBITDA of
$32.9 million , up 20% YOY -
EBITDA of
$30.9 million , up 23% YOY -
Cash contribution of
$21.8 million , up 39% YOY -
Grew backlog by 80% during the quarter, from
USD 1.5 bn to 2.5 bn -
Improved adjusted net income in Q1 of
$2.6 million compared to Q1 2023 - Leverage ratio reduced to 2.8 from 2.9 at year-end
- Completed the acquisition of 65% of the shares in Vertikal Service AS
- Executed share consolidation
CEO
"I am pleased to report strong first-quarter financial results. We have performed well across all segments, with a solid revenue increase internationally. Increased activity and revenue resulted in an EBITDA growth of 23% from the same quarter last year. The first quarter underpins our ability to execute on our strategy of international growth with margin expansion, and is the direct result of the dedication and hard work of our team.
In the first quarter, Archer secured more than
This provides visibility and stability while improving our growth outlook. Our market view remains positive with our resilient cash flow profile and continued growth. We will focus on reducing our financial leverage in the coming years, adding financial flexibility and creating shareholder value,"
Archer maintains its estimate of 15-20% EBITDA growth in 2024 as well as a further reduction of leverage ratio to between 2.4 and 2.7 at year-end 2024.
Subsequent event
Archer completed the acquisition of 65% of the shares in Vertikal Service AS during
Additionally, the company executed a share consolidation in
CONFERENCE CALL TODAY AT
Archer will host a conference call at
A. Webcast
To register for the webcast please go to https://events.q4inc.com/attendee/229675986
B. Conference call
To access the call, which is open to the public, please dial in at the participant telephone numbers listed below. Please call in 10 minutes prior to the scheduled start time and ask for the "Archer First Quarter 2024 Earnings Release Call".
Participants dial-in:
Norway : +47 815 03 308United Kingdom +44 20 3936 2999United States +1 646 787 9445Germany +49 32 221098334
- Access code: 194230
The operator will ask for your name and company. Following the presentation there will be a Q&A session. Information on how to ask questions will be given at the beginning of the Q&A session.
About
For more information, please visit www.archerwell.com or contact:
Joachim Houeland, Manager Treasury & Investor Relations | Mobile: +47 482 78 748 | Email: joachim.houeland@archerwell.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
https://news.cision.com/archer-limited/r/archer-limited--continued-strong-financial-performance-in-first-quarter,c3974426
https://mb.cision.com/Public/17569/3974426/9fe6b194e312e614.pdf
https://mb.cision.com/Public/17569/3974426/a55be5fdb09be746.pdf
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