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