Legacy Expro and Frank's completed their merger on
Frank's results are detailed in the Company's Quarterly Report on Form 10-Q for the quarter ended
References in this earnings release to 'Frank's' are to the Company prior to the completion of the merger on
Frank's Third Quarter 2021 Financial Highlights
Frank's delivered third quarter revenue of
Third quarter net loss totaled
As defined by Frank's, Adjusted EBITDA for the third quarter of 2021 was
Legacy Expro Third Quarter 2021 Financial Highlights
Legacy Expro's third quarter revenue was
Net loss for the third quarter of 2021 was
As defined by Legacy Expro, Adjusted EBITDA for the third quarter of 2021 was
Legacy Expro achieved substantial growth in Production Services and
'Our results this quarter are also a testament to the continued hard work, commitment and expertise of our talented employees from both Frank's and Legacy Expro. Together, we believe that we are well positioned to accelerate growth, improve profitability and enhance value for shareholders, employees, customers and partners. The integration of Frank's and Legacy Expro is on track, and we are looking forward to what we can achieve as we begin this new journey together.
'Looking ahead, we expect another quarter of solid financial performance. The Company's current outlook for the fourth quarter of 2021 is for flat to mid-single digit revenue growth and an Adjusted EBITDA Margin, consistent with the definition used by Legacy Expro, of 15-17% of consolidated revenue, driven by improved business mix and continued discipline in regard to costs. While the fourth and first quarters are typically seasonally weaker quarters due to reduced activity in the Northern Hemisphere, we continue to see signals of a multi-year recovery, which is expected to gain momentum as 2022 progresses.
'With a backdrop of global economic recovery and improving industry fundamentals, Expro is also poised to benefit from increased activity as well as cost and revenue synergies. During the third quarter, we finalized many of our plans for the integration, and we are confident in our ability to achieve previously disclosed synergy targets. Our integration work has confirmed our expectations that we can strengthen our operating model, lower our cost structure and significantly expand margins. We continue to expect approximately
'We believe Expro has an exciting platform with the scale, diversity and financial profile to accelerate growth and provide through-cycle resiliency. Our strategy is already underway, and we look forward to creating significant value on behalf of our shareholders, employees, customers and partners.' concluded
Contact:
Tel: +1 281 994 1056
Email: InvestorRelations@expro.com
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