Investor SentimentInvestors appear to be losing patience with XPRO after its 3Q EBITDA miss, FY24 EBITDA guide-down, and more subdued outlook for next year.
Project Setbacks3Q headwinds included softer NLA and Congo project due to variation orders for its gas pre-treatment facility for ENI’s LNG project in Congo, resulting in a $7mm headwind to EBITDA.
Revenue GrowthWhite space concerns may limit the ability to drive similar pricing improvements, which will likely lead to the company falling short of reaching its $2bn mid-term revenue target on a run-rate basis.