Earnings: Forum Energy Revenues Down $FET

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On July 25, 2015, Posted by , In Earnings,Energy, By ,,, , With Comments Off on Earnings: Forum Energy Revenues Down $FET

Forum Energy Technologies, Inc. has announced second quarter 2015 revenue of $284 million, a decrease of $144 million, or 34%, from the second quarter 2014. Net income for the quarter was $9 million or $0.10 per diluted share compared to $40 million or $0.41 per diluted share for the prior year period. Excluding $0.06 per share of non-operational items, adjusted diluted earnings per share were $0.16 in the second quarter 2015.

Drilling & Subsea segment revenue in the second quarter 2015 was $170 million, a decrease of $110 million, or 39%, from the second quarter 2014. The revenue decline was due to lower drilling activity levels as reflected by the 51% drop in the North America land rig count for the same period.

Production & Infrastructure segment revenue in the second quarter 2015 was $115 million, a decrease of $34 million, or 23%, from the second quarter 2014.

Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, “Forum second quarter revenue decreased 18% sequentially, primarily due to the continued decline in North America drilling and completion activity as the rig count dropped 40% from the first quarter.

“Forum expects diluted earnings per share for the third quarter 2015 of $0.08 to $0.13.”

View the full earnings release here.

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