- 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) |
Three Months Ended
|
Three Months Ended
|
Change | |||
Revenue | $3,143.8 | $4,140.9 | (24.1%) | |||
Net income | $136.9 | $121.0 | 13.1% | |||
Diluted EPS | $0.30 | $0.26 | 15.4% | |||
Adjusted EBITDA | $430.5 | $536.2 | (19.7%) | |||
Adjusted EBITDA margin | 13.7% | 12.9% | 74 bps | |||
Net income, excluding charges and credits | $139.8 | $183.6 | (23.9%) | |||
Diluted EPS, excluding charges and credits | $0.31 | $0.39 | (20.5%) | |||
Inbound orders | $3,647.2 | $2,461.9 | 48.1% | |||
Backlog | $15,178.0 | $13,902.4 | 9.2% |