EBITDA was $94 million, beating guidance of $80 million to $90 million, representing a 24% sequential increase and a 22% EBITDA margin, up 200 basis points quarter-over-quarter and year-over-year.
Expro reported revenue of $423 million in Q2 2025, up $32 million or about 8% from Q1 2025, exceeding guidance of $400 million to $410 million.
Expro repurchased $5 million in shares in Q2, totaling $15 million year-to-date, with $61 million remaining under the $100 million authorization.
Free cash flow on an adjusted basis was $36 million, or 9% of revenue, marking the third consecutive quarter of financial results above expectations.
Liquidity at quarter-end was approximately $343 million, including $207 million cash and $136 million available under revolving credit facility, with new credit facilities increasing total commitments to $500 million.
Segment EBITDA margins: ESSA 30% (up 400 bps), MENA 36% (down 70 bps), APAC 26% (up 500 bps).
Segment revenues: North and Latin America (NLA) $143 million, Europe and Sub-Saharan Africa (ESSA) $132 million, Middle East and North Africa (MENA) $91 million, Asia Pacific (APAC) $57 million.
Adjusted operating cash flow was $817 million and adjusted free cash flow was $312 million with $505 million cash CapEx.
Leverage maintained at approximately 1x with liquidity around $3 billion.
Q2 production exceeded expectations with 176.5k barrels of oil per day including 900 barrels from the Apache acquisition, totaling 385,000 BOE per day.
Repurchased $43 million of shares at an average price of $10.52 per share during Q2.
Eversource reported second quarter earnings of $0.96 per share, in line with expectations, compared to $0.95 per share last year.
FFO to debt ratio improved to 11.5% as of Q1 2025, up over 200 basis points from December 31, 2024.
Higher utility earnings from transmission, distribution, and natural gas segments were partially offset by increased parent losses due to higher interest expense after the sale of the offshore wind business.
Natural gas segment earnings improved by $0.02 per share due to base distribution rate increases, offset by higher O&M and other expenses.
Operating cash flows improved by over $1 billion year-over-year through the first half of 2025.
Parent losses increased by $0.07 per share primarily due to higher interest expense from the absence of capitalized interest post offshore wind sale.
Transmission earnings increased by $0.02 per share due to investments and lower interest expense; distribution earnings increased by $0.02 per share due to rate increases in New Hampshire and Massachusetts.
Water distribution earnings improved by $0.02 per share due to higher revenues and lower interest expense.
Dafinchi