- Innovex International, Inc. (INVX, Financial) announces the sale of its Eldridge Campus in Houston for $95 million.
- The divestiture is part of Innovex's strategic business transformation.
- Innovex projects Q1 2025 revenue at $240 million, slightly below previous guidance.
Innovex International, Inc. (INVX) has entered into a definitive agreement to sell its facility located at 6401 North Eldridge Pkwy, Houston, Texas, for $95 million. The sale, subject to adjustments and customary closing conditions, is anticipated to close in the third quarter of 2025. Innovex will lease back the property temporarily to complete ongoing facility consolidation, ensuring uninterrupted customer deliveries.
CEO Adam Anderson described the sale as a significant milestone in the transformation of Innovex’s subsea operations, reducing its Houston operating footprint by 82%. This strategic move is expected to bolster the company's net cash position and facilitate operational efficiencies.
Innovex's CFO, Kendal Reed, emphasized the role of the sale proceeds in strengthening the company’s balance sheet, supporting endeavors such as a previously announced $100 million share buyback and potential mergers and acquisitions.
In its preliminary first-quarter 2025 financial update, Innovex reported expected revenue of $240 million, slightly below the prior guidance of $245-$255 million, largely due to a larger-than-projected revenue decline in Mexico. The company anticipates an Adjusted EBITDA between $44-$46 million for the quarter.
A detailed earnings report for the first quarter of 2025 will be released on May 6, 2025, followed by a conference call on May 7. Interested parties can access the call via a provided toll-free number or through an international dial-in.
