The company reported second-quarter net income of $43.1 million, or 26 cents per share, marking a sharp decline from the $71 million, or 43 cents per share, recorded during the same period last year. Revenue climbed 14% to $1.19 billion, comfortably outpacing the $1.09 billion consensus estimate from analysts polled by FactSet.
Chief Executive Ron Gusek noted that while second-quarter momentum remains positive, the firm is bracing for broader market instability. According to the report, the primary fallout from Middle East disruptions has been a strategic pivot toward energy security and supply diversification, themes that continue to drive significant volatility in global oil and gas markets.
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