Forum Estimates Q3 Revenue at $200M After Harvey Effect

Houston-based oilfield products company Forum Energy Technologies has said it expects third quarter revenue of approximately $200 million and a net loss of approximately $0.20 per diluted share in the third quarter 2017.

Excluding approximately $0.10 per share of special items for taxes, restructuring charges, transaction expenses and foreign exchange loss, the adjusted net loss is expected to be approximately $0.10 per diluted share.

To remind, Forum recognized net loss in the third-quarter 2016 of $18 million, or $0.20 per diluted share, on revenue of $138 million.

The company said that its third quarter results were adversely affected by Hurricane Harvey’s widespread damage in Texas and Louisiana.

Forum was impacted by temporarily idled facilities and operations directly related to Harvey, which resulted in foregone revenue and under-absorption of manufacturing costs. The company also experienced the indirect effect of customer, supplier and logistical delays.

Prady Iyyanki, Forum’s CEO, said: “We were fortunate that none of our facilities received significant damage, and all were fully operational by the end of the third quarter. We are also pleased that customer demand remains strong, as orders in the third quarter were up from the prior quarter.”

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >