Forum Energy Technologies recorded net loss in the second-quarter 2017 of $78 million, or 81 cents per diluted share, compared to net loss of $28.6 million, or 31 cents per diluted share, for the prior-year period.
Sequentially, net loss widened from $16 million, or 16 cents per diluted share.
Adjusted net loss for the quarter was 10 cents per share, excluding $69 million or $0.71 per share of special items, of which pre-tax charges of $68 million for goodwill impairment.
The Houston-based oilfield products company generated revenue for the quarter ended June 30, 2017 of $201 million, compared to $143 million in the corresponding period in 2016. Sequentially, revenue increased by some $30 million.
To remind, for the Q2 2017, Forum estimated diluted loss per share of 9-12 cents, with revenue growth of 12-15 percent.
For the quarter, drilling & subsea segment revenue was $64 million, up 4 percent for the prior-year quarter.
The completions segment revenue was $55 million, while production & infrastructure segment revenue also increased some 23 percent at $83 million year-on-year.
The company said it has ended the quarter with $221 million of cash on hand.
For the Q3 2017, Forum estimated diluted loss per share of 4-7 cents, with revenue growth of 8-12 percent.
Subsea World News Staff