Expro Earnings: Long-Term Contract Wins Will Support a Multiyear Upcycle in Offshore Production

Expro posted a solid first quarter, with revenue increasing 21% year over year, while the firmwide adjusted EBITDA margin contracted less than 100 basis points to 12%. On a sequential basis, revenue and margins both contracted by 3% and 760 basis points, respectively. We maintain our no-moat rating and $22 per share fair value estimate following results.