Forum Swings to Quarterly Loss
Forum Energy Technologies, Houston-based oilfield products company, recorded net loss in the third quarter of $18 million, or $0.20 per diluted share, compared to net income of $6.7 million, or $0.10 per diluted share, for the prior-year period.
The revenue recorded for the third quarter 2016 was $138 million, compared with $245 million in the third quarter 2015. Sequentially, revenue decreased by some $5 million, however, the company’s net loss narrowed by closed to $11 million.
Drilling & subsea segment revenue in the third quarter 2016 was $51 million, compared to $111 million for the prior-year quarter.
The Completions segment revenue was $34 million, down form $56 million, while Production & infrastructure segment revenue came down form $79 million at $54 million year-on-year.
New orders received by Forum in the third quarter were $145 million, resulting in a book to bill ratio of 104%.