Innovex International's Q1 2025: Contradictions in Mexico Revenue, Share Buybacks, and Business Model Shift

Mexico market activity and revenue impact, share repurchase program and M&A strategy, Mexico market activity, subsea product bookings, business model and revenue structure are the key contradictions discussed in Innovex International's latest 2025Q1 earnings call.



Revenue and Geographic Performance:
- Innovex International reported quarter one 2025 revenue of $240 million, an increase of 88% year-over-year and a decrease of 4% sequentially.
- The year-over-year increase was primarily driven by the impact of the Dril-Quip and DWS acquisitions, while the sequential decrease was due to greater-than-anticipated weakness in Mexico and delivery delays in the U.S. offshore business.

North America Land Business Growth:
- The North America land business reported revenues growing 17% sequentially, driven by a full quarter of DWS results and seasonal growth in Canada.
- This growth was attributed to the combination of organic growth and strategic inorgan