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Frank’s International N.V. Announces First Quarter 2014 Results

Stocks in this article: FI

Frank’s International N.V. (NYSE: FI) (the “Company”) today reported revenues of $264.5 million and net income of $60.4 million for the three months ended March 31, 2014. Diluted earnings per share were $0.27, with weighted average shares outstanding of 207.2 million. Adjusted EBITDA was $102.3 million.

D. Keith Mosing, Frank’s International’s Chairman, Chief Executive Officer and President said, “Frank’s International continues to grow, led by our customers drilling deeper and more complex wells. Our Gulf of Mexico services revenue was up 17 percent year-over-year while our International Services revenue increased 7 percent year-over-year. Overall, our first quarter revenue was up 14 percent year-over-year and we are reaffirming our guidance for the full year. We expect 2014 to be our third record revenue year in a row. We continue to believe we are well positioned to service the needs of the industry’s increasing exploration and development activity, especially offshore.”

First Quarter 2014 Results

  • Revenue was $264.5 million, up 13.7% compared to the first quarter of 2013, but down 6.2% compared to the fourth quarter of 2013
    • International Services revenue was $118.6 million, up 7.3% year-over-year, but down 3.0% compared to the fourth quarter of 2013
    • U.S. Services revenue was $103.8 million, up 6.4% year-over-year, but down 8.7% compared to the fourth quarter of 2013
    • Tubular Sales revenue was $42.2 million, up 71.9% year-over-year, but down 8.7% compared to the fourth quarter of 2013
  • Net income was $60.4 million with $41.9 million, or $0.27 per share, attributable to common shareholders
  • Adjusted EBITDA totaled $102.3 million with an Adjusted EBITDA margin of 38.7%
  • Diluted earnings per share were $0.27 with weighted average shares outstanding of 207.2 million
  • Effective tax rate for the first quarter of 2014 was 20.9%
  • Cash flow from operations was $77.8 million, up 53.6% year-over-year

Adjusted EBITDA, Adjusted EBITDA margin and segment Adjusted EBITDA, 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, segment Adjusted EBITDA and the other segment data discussed below do not include income from discontinued operations.

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