Red Ink for Forum
Forum Energy Technologies recorded loss in the first-quarter 2019 of $8 million, or 7 cents per diluted share, compared to profit of $28 million, or 25 cents per diluted share, for the prior-year comparable period.
Sequentially, Forum narrowed its loss from $3.52 per diluted share, with revenue decrease of $1 million. To remind, Forum booked Q4 2018 impairments and special items of $392 million, or $3.60 per share. Some $349 million went on goodwill and intangible asset impairments.
For the first quarter 2019, Forum recognized special items of 3 cents per share, of which pre-tax charges of $5 million went on restructuring and $2 million on forex losses.
The Houston-based oilfield products company generated revenue for the quarter ended March 31, 2019 of $272 million, compared to $250 million in the corresponding period in 2018.
Forum said it booked first-quarter 2019 orders of $242 million and ended this year’s Q1 with approximately $224 million of total liquidity.
Subsea World News Staff