Forum Narrows Quarterly Loss

Forum Energy Technologies recorded loss in the second-quarter 2018 of $15 million, or 14 cents per diluted share, compared to net loss of $78 million, or 81 cents per diluted share, for the prior-year comparable period.

Sequentially, Forum slipped into red from profit of 25 cents per share.

The Q2 2018 loss before special items was 1 cent per share, including 2 cents per share related to certain unrecognized tax benefits and charges of close to $15 million.

The Houston-based oilfield products company generated revenue for the quarter ended June 30, 2018 of $274 million, compared to $201 million in the corresponding period in 2017. Sequentially, revenue increased close to 10 percent from $250 million.

The company said it had ended Q2 2018 with $258 million of total liquidity.

For the first six months of 2018, Forum generated profit of $12.7 million on revenue of $524 million, versus loss of $93.6 million on revenue of $372 million in 1H 2017.

Subsea World News Staff

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