Forum Energy Technologies recorded net loss in the first-quarter 2017 of $16 million, or 16 cents per diluted share, compared to net loss of $23 million, or 25 cents per diluted share, for the prior-year period.
Sequentially, net loss widened from $13 million, or 14 cents per diluted share.
The Houston-based oilfield products company generated revenue for the quarter ended March 31 2017 of $171 million, compared to $159 million in the corresponding period in 2016. Sequentially, revenue increased by some $24 million.
“Forum is benefiting from the recovery in the U.S. land drilling and completion activity, which was the primary driver of the revenue growth in each segment during the quarter. Our U.S. land revenue in the first quarter increased 25% sequentially and represented 74% of total company revenue.” said Cris Gaut, Forum’s chairman and CEO.
For the quarter, drilling & subsea segment revenue was $62 million, compared to $65 million for the prior-year quarter.
The completions segment revenue was $42 million, up form $34 million, while production & infrastructure segment revenue also increased form $60 million at $68 million year-on-year.
New orders received by Forum increased by 6 percent compared to the previous quarter at $194 million, resulting in a book to bill ratio of 113 percent.
The company said it has ended the quarter with $205 million of cash on hand.
For the Q2 2017, the company estimates diluted loss per share of 9-12 cents, with revenue growth of 12-15 percent.
Subsea World News Staff