- Net income of
$105.7 million and adjusted EBITDA of$377.2 million - Inbound orders of
$4.2 billion ; orders exceeded revenue in all segments- Subsea: orders
$1.5 billion , book-to-bill 1.2x, backlog$6.2 billion - Onshore/Offshore: orders
$2.3 billion , book-to-bill 1.7x, backlog$8.3 billion
- Subsea: orders
- Onshore/Offshore guidance for 2018 increased
The following pre-tax items impacted the quarter and were not included in the Company’s guidance:
$24.3 million , or$0.04 per diluted share, of foreign exchange losses included in corporate expense; and$49.1 million , or$0.11 per diluted share, of increased liability payable to joint venture partners included in interest expense.
Summary Financial Statements
Reconciliation of U.S. GAAP to non-GAAP financial measures are detailed below and in the financial schedules.
(In millions, except per share amounts) | Ìý | Three Months Ended
June 30, 2018 |
Ìý | Three Months Ended
June 30, 2017 |
Ìý | Change | Ìý |
Revenue | Ìý | $2,960.9 | Ìý | $3,845.0 | Ìý | (23.0%) | Ìý |
Net income | Ìý | $105.7 | Ìý | $164.9 | Ìý | (35.9%) | Ìý |
Diluted EPS | Ìý | $0.23 | Ìý | $0.35 | Ìý | (34.3%) | Ìý |
Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
Adjusted EBITDA | Ìý | $377.2 | Ìý | $501.3 | Ìý | (24.8%) | Ìý |
Adjusted EBITDA margin | Ìý | 12.7% | Ìý | 13.0% | Ìý | (30 bps) | Ìý |
Net income, excluding charges and credits | Ìý | $131.8 | Ìý | $211.9 | Ìý | (37.8%) | Ìý |
Diluted EPS, excluding charges and credits | Ìý | $0.28 | Ìý | $0.45 | Ìý | (37.8%) | Ìý |
Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
Inbound orders | Ìý | $4,231.7 | Ìý | $3,153.0 | Ìý | 34.2% | Ìý |
Backlog | Ìý | $14,871.8 | Ìý | $15,182.9 | Ìý | (2.0%) | Ìý |
Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |