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SEC filingRevenue grew 6.4% on higher rig activity, but net income swung to a loss due to the absence of a prior-year bargain purchase gain and higher costs.
Net income swung to a loss of $15.2 million from a profit of $33.0 million in the prior year. Diluted EPS was -$1.54 compared to $2.18. The decline was primarily due to the absence of a $113.0 million gain on bargain purchase recognized in the first quarter of 2025, which did not repeat. Higher operating costs also contributed to the loss.
Internationally, we continue to see constructive medium- to longer-term fundamentals supported by production-capacity expansion and the development of unconventional resources in a number of markets. Nevertheless, activity levels may be affected by near-term geopolitical developments, supply-chain disruptions, and customer-specific capital allocation decisions.