Expro reports Q1 EPS (1c), consensus 7c

Reports Q1 revenue $367.57M, consensus $362.05M. Michael Jardon, CEO, commented, “We are excited to announce the proposed acquisition of Enhanced Drilling and look forward to welcoming its employees into the Expro (XPRO) family. Enhanced Drilling will add industry leading managed pressure drilling technologies in both riserless and riser-based applications to Expro’s suite of innovative technologies and expand Expro’s service and solution offerings related to customers’ drilling and completion activities. We look forward to leveraging Enhanced Drilling’s expertise, technologies and customer relationships with our own to drive further growth in the future. For our Q1, the financial results were impacted by the typical seasonality we experience due to inclement weather, particularly in the North Sea and the Gulf of America, and lower customer budgetary spending at the beginning of the year. In terms of capital allocation during the quarter, Expro maintained its very strong balance sheet and invested $26M in capital expenditures funding high return projects. Additionally, the Company repurchased approximately $20M or 1.2M shares, again making significant progress on its 2026 goal of returning at least one-third of its free cash flow to shareholders. ”