Forum Posts $0.25 EPS After Special Items

Forum Energy Technologies recorded profit in the first-quarter 2018 of $28 million, or 25 cents per diluted share, compared to net loss of $15.8 million, or 16 cents per diluted share, for the prior-year comparable period.

Sequentially, Forum recognized close to 43 percent drop in profit from 46 cents per share.

The Q1 2018 profit is a result of special items which included a gain of $34 million related to the contribution of the subsea rentals business to Ashtead Technology in exchange for a 40% interest in the combined company and a $16 million tax benefit from applying updated guidance on U.S. tax reform.

Excluding these special items Forum booked quarterly adjusted net loss of 7 cents per diluted share.

The Houston-based oilfield products company generated revenue for the quarter ended March 31, 2018 of $250 million, compared to $171 million in the corresponding period in 2017. Sequentially, revenue increased from $247.7 million.

The company said it had ended Q1 2018 with $277 million of total liquidity.

Forum said it expects its subsea segment to receive some non-oil and gas orders in the Q2 2018, and estimates this division will achieve EBITDA break even or better for the balance of the year.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Apr 2020 >>
30 31 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 1 2 3

9th Annual Submarine Power Cable and Interconnection Forum

This year’s Advance Submarine Power Cable and Interconnection conference will focus on the cutting edge thinking that is emerging across…

read more >

The 24th Annual PNEC Conference & Exhibition

The 24th annual PNEC Conference and Exhibition  will bring together the industry thought leaders and technology providers that enable the management…

read more >


Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

M&CCE Expo Marine & Coastal Civil Engineering 2020

This conferences, events, demos, and competitions provide a productive background buzz throughout M&CCE…

read more >