Total Revenue

↓11.7% (from $806M to $712M)

Total Revenue decreased by 11.7% YoY, driven by declines across segments such as a 20% drop in DIET, 17% in PTI, 39% in Line Pipe, and 34% in General Products, which all contributed to lower overall sales relative to the previous period. " "

DIET Segment Revenue

↓20% (from $276M to $220M)

DIET revenue fell by 20% YoY, largely due to project timing delays and reduced turnaround activity compared to Q1 2024, reflecting challenges in scheduling and execution that weren't as pronounced in the previous period. " "

PTI Segment Revenue

↓17% (from $264M to $219M)

PTI revenue declined by 17% YoY, as lower upstream activity and the completion of sizeable previous projects led to reduced customer spending, with the U.S. market facing more pronounced declines despite partial offset from international projects. " "

Line Pipe Business

↓39% (from $117M to $72M)

Line Pipe sales dropped by 39% YoY, reflecting significant margin pressure from volatile steel prices and tariff impacts, which resulted in lower sales volumes and reduced gross profit compared to Q1 2024. " "

General Products Revenue

↓34% (from $70M to $46M)

General Products revenue decreased 34% YoY, suggestive of weaker market demand and cost pressures impacting sales, a decline that is consistent with broader decreases across other product lines in the current period. " "

Operating Income

↓53% (from $38M to $18M)

Operating Income declined by 53% YoY, as the significant revenue shortfalls across key segments squeezed overall margins despite relatively controlled expenses, contrasting with higher margins in the prior period. " "

Net Income

From $19M to (–$22M) (turned negative)

Net Income turned negative, declining from $19M to –$22M YoY, due to the combined effects of lower sales, margin compression, and potentially higher charges or unfavorable adjustments compared to the prior period. " "

Net Cash Provided by Operations

↓63% (from $38M to $14M)

Net cash provided by operations fell 63% YoY, primarily due to increased working capital requirements (such as inventory and receivables) and lower profitability, markedly different from the stronger operational cash generation in Q1 2024. " "

Cash Balance on the Balance Sheet

↓57% (from $146M to $63M)

The cash balance shrank by 57% YoY, largely as a result of significant financing outflows and higher capital expenditures that absorbed the operating cash inflows, contrasting sharply with the more robust cash position seen at the end of Q1 2024. " "