Forum Sinks on Impairments
Forum Energy Technologies recorded loss in the fourth-quarter 2018 of $384 million, or $3.52 per diluted share, compared to profit of $49 million, or 45 cents per diluted share, for the prior-year comparable period.
Sequentially, Forum has sunk deeper into the red from loss of 3 cents per share, despite revenue increase of $25 million.
Forum booked quarterly impairments and special items of $392 million, or $3.60 per share. Some $349 million went on goodwill and intangible asset impairments.
The Q4 2018 result before special items was profit of 8 cent per share.
The Houston-based oilfield products company generated revenue for the quarter ended December 31, 2018 of $273 million, compared to $248 million in the corresponding period in 2017. Sequentially, revenue increased from $267 million.
Full-year result was net loss of $374 million on revenue of $1 billion, versus net loss of $59 million on revenue of $818 million in 2017.
Subsea World News Staff