Forum Books $533M Loss

Forum Energy Technologies has recorded loss in the third-quarter 2019 of $533 million, or $4.83 per diluted share, compared to loss of $3 million, or $3 cents per diluted share, for the prior-year comparable period.

Sequentially, Forum widened its loss from $12 cents per diluted share, with revenue decrease of $6 million.

For the third quarter 2019, Forum recognized special items (impairments of goodwill, intangibles, and fixed assets) of $535 million, or $4.85 per share, adding to adjusted net loss of $2 cents per diluted share.

The Houston-based oilfield products company generated revenue for the quarter ended September 30, 2019 of $239 million, compared to $267 million in the corresponding period in 2018.

Forum said it booked third-quarter 2019 orders of $200 million and ended this year’s Q3 with approximately $308 million of total liquidity.

For the nine months of 2019, Forum recognized net loss of $555 million on revenue of $759 million, compared with profit of $9.7 million on revenue of $791 million in 2018.

Subsea World News Staff