- 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鈥檚 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) | 听 | Three Months Ended
June 30, 2018 |
听 | Three Months Ended
June 30, 2017 |
听 | Change | 听 |
Revenue | 听 | $2,960.9 | 听 | $3,845.0 | 听 | (23.0%) | 听 |
Net income | 听 | $105.7 | 听 | $164.9 | 听 | (35.9%) | 听 |
Diluted EPS | 听 | $0.23 | 听 | $0.35 | 听 | (34.3%) | 听 |
听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Adjusted EBITDA | 听 | $377.2 | 听 | $501.3 | 听 | (24.8%) | 听 |
Adjusted EBITDA margin | 听 | 12.7% | 听 | 13.0% | 听 | (30 bps) | 听 |
Net income, excluding charges and credits | 听 | $131.8 | 听 | $211.9 | 听 | (37.8%) | 听 |
Diluted EPS, excluding charges and credits | 听 | $0.28 | 听 | $0.45 | 听 | (37.8%) | 听 |
听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Inbound orders | 听 | $4,231.7 | 听 | $3,153.0 | 听 | 34.2% | 听 |
Backlog | 听 | $14,871.8 | 听 | $15,182.9 | 听 | (2.0%) | 听 |
听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |