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Frank’s International N.V. Announces Third Quarter 2013 Results

Stocks in this article: FI

Third Quarter 2013 Results

  • Revenue was $270.1 million, down 7.8% compared to the second quarter of 2013 but up 1.4% compared to the third quarter of 2012
    • Services revenue was $228.1 million, down 2.8% compared to the second quarter of 2013 and up 0.9% compared to the third quarter of 2012
    • Products revenue was $42.0 million, down 27.9% compared to the second quarter of 2013 and up 3.9% compared to the third quarter of 2012
  • Adjusted EBITDA totaled $101.3 million
  • Adjusted EBITDA margin was 37.5%
  • Net Income from continuing operations was $59.5 million

Adjusted EBITDA and Adjusted EBITDA margin, which are financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), are defined and reconciled to their most directly comparable GAAP financial measures below. Adjusted EBITDA and segment data discussed below do not include income from discontinued operations.

Segment Results

International Services

International Services revenue from external sales was $121.7 million in the third quarter of 2013, up 0.7% compared to the second quarter of 2013 and up 5.0% compared to the third quarter of 2012. Year-over-year revenue growth reflects an expanded presence in new locations and increased demand for services from existing customers.

Segment Adjusted EBITDA of $48.8 million was down 10.4% compared to the second quarter of 2013 and down 12.9% compared to the third quarter of 2012. Segment Adjusted EBITDA was down year-over-year mainly due to higher compensation expense and $8.0 million in bad debt expense in Latin America, which were partly offset by the growth in revenue.

Segment Adjusted EBITDA margin for the third quarter was 40.1% of external revenue.

U.S. Services

U.S. Services revenue from external sales was $108.1 million in the third quarter of 2013, down 6.5% compared to the second quarter of 2013 and down 3.7% compared to the third quarter of 2012. Lower onshore rig counts contributed to lower year-over-year and sequential results.

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