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ChampionX (CHX) investor relations material
ChampionX Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 2025 revenue was $864.5 million, down 6% year-over-year and 5% sequentially, mainly due to lower international sales and seasonal declines.
Net income attributable to ChampionX was $85.8 million, with diluted EPS at $0.44, down from $0.58 last year; adjusted EBITDA reached $190.9 million with a 22.1% margin.
The company entered a definitive all-stock merger agreement with SLB, with each share to be converted into 0.735 shares of SLB, pending regulatory and shareholder approvals.
A definitive agreement was signed to sell US Synthetic Corporation, the Drilling Technologies segment, for $300 million, pending closing conditions and the SLB merger.
Strong liquidity position with $1.2 billion available, including $527 million in cash and $674 million in revolving credit capacity.
Financial highlights
Gross profit for Q1 2025 was $291.5 million, with a gross margin of 33.7%.
Operating cash flow was $66.8 million, down from $173.5 million in Q1 2024; free cash flow was $38.6 million.
Capital expenditures were $31.3 million, in line with the prior year.
Adjusted EBITDA margin was 22.1%, up from 20.8% a year ago.
Free cash flow to adjusted EBITDA ratio was 20%.
Outlook and guidance
No quarterly guidance provided due to the pending SLB acquisition.
Management expects oil prices to remain under pressure for the remainder of 2025 due to OPEC+ production increases and tariffs, but anticipates long-term cyclicality.
Inflation is moderating, but tariffs and trade measures may impact input costs; the company aims to offset these through price increases and productivity initiatives.
The company projects 2025 capital spending at 4% of revenue and expects to fund capex and debt reduction through earnings and working capital improvements.
Management expects positive performance relative to the oil and gas market in 2025, supported by a resilient production-oriented portfolio.
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