- Net income of
$136.9 million and adjusted EBITDA of$430.5 million - Inbound orders of
$3.6 billion ; Subsea orders exceeded revenue for the fourth consecutive quarter - Backlog increased year-over-year in all segments
- Updated 2018 guidance reflects strong execution in Onshore/Offshore and revised market outlook for Surface Technologies
Adjusted EBITDA, which excludes charges and credits, was
Other significant pre-tax items impacting the quarter, for which we do not provide guidance, included the following:
$34.4 million , or$0.05 per diluted share, of foreign exchange losses included in corporate expense; and$93.2 million , or$0.20 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 Ìý |
Ìý |
Three Months Ended Ìý |
Ìý | Change |
Revenue | Ìý | $3,143.8 | Ìý | $4,140.9 | Ìý | (24.1%) |
Net income | Ìý | $136.9 | Ìý | $121.0 | Ìý | 13.1% |
Diluted EPS | Ìý | $0.30 | Ìý | $0.26 | Ìý | 15.4% |
Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
Adjusted EBITDA | Ìý | $430.5 | Ìý | $536.2 | Ìý | (19.7%) |
Adjusted EBITDA margin | Ìý | 13.7% | Ìý | 12.9% | Ìý | 74 bps |
Net income, excluding charges and credits | Ìý | $139.8 | Ìý | $183.6 | Ìý | (23.9%) |
Diluted EPS, excluding charges and credits | Ìý | $0.31 | Ìý | $0.39 | Ìý | (20.5%) |
Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
Inbound orders | Ìý | $3,647.2 | Ìý | $2,461.9 | Ìý | 48.1% |
Backlog | Ìý | $15,178.0 | Ìý | $13,902.4 | Ìý | 9.2% |