Archer Limited: Continued strong financial performance in first quarter
Hamilton Bermuda (May 7th, 2024) First Quarter 2024 Highlights: · Revenue of $308 million, up 16% YOY · Adjusted EBITDA of $32.9 million, up 20% YOY · EBITDA of $30.9 million, up 23% YOY · Cash contribution of $21.8 million, up 39% YOY · Grew backlog by 80% during the quarter, from USD 1.5 bn to 2.5 bn · Improved adjusted net income in Q1 of $2.6 million compared to Q1 2023 · Leverage ratio reduced to 2.8 from 2.9 at year-end · Completed the acquisition of 65% of the shares in Vertikal Service AS · Executed share consolidation CEO Dag Skindlo comments: “