0001681459-26-000026
SEC filingStrong quarter driven by Subsea revenue growth and margin expansion, with net income surging 83.5% YoY.
Net income surged 83.5% to $260.5 million, or $0.64 per diluted share, compared to $142.0 million, or $0.33 per diluted share, in the first quarter of 2025. The significant improvement was largely due to favorable activity mix and higher volume in Subsea, which drove margin expansion. Diluted EPS growth of 93.9% outpaced net income growth due to a lower share count.
Net cash provided by operating activities was $332.5 million, compared to $441.7 million in the prior-year period. Capital expenditures were $55.6 million, resulting in free cash flow of $276.9 million. The company remains committed to maintaining a capital structure that provides sufficient cash resources to support future operating and investment plans. Management uses non-GAAP financial measures to evaluate capital structure and financial leverage, and does not believe counterparty credit risk is reasonably likely to have a material impact on liquidity or results of operations.