Analyst Note
| Katherine Olexa |Expro Group posted solid results overall for its first quarter, with total revenue growing 12% year over year but decreasing 5% sequentially due to disruptions in Europe and Asia. Operating margins reached 19%, a 2-percentage-point increase compared with last year but a 4-percentage-point decrease compared with last quarter. We’ll incorporate the operating and financial results into our model shortly, but for now, our fair value estimate and no-moat rating are unchanged.