Forum Reduces Quarterly Deficit
Forum Energy Technologies recorded loss in the second-quarter 2019 of $14 million, or $12 cents per diluted share, compared to loss of $15 million, or $14 cents per diluted share, for the prior-year comparable period.
Sequentially, Forum widened its loss from $7 cents per diluted share, with revenue decrease of $26 million.
For the second quarter 2019, Forum recognized special items of $4 cents per share, adding to adjusted net loss of $8 cents per diluted share.
The Houston-based oilfield products company generated revenue for the quarter ended June 30, 2019 of $246 million, compared to $274 million in the corresponding period in 2018.
Forum said it booked second-quarter 2019 orders of $225 million and ended this year’s Q2 with approximately $242 million of total liquidity.
For the first six months of 2019, Forum recognized net loss of $21.6 million on revenue of $518 million, compared with profit of $12.7 million on revenue of $524.2 million in 1H 2018.
Subsea World News Staff