Forum Energy Technologies (NYSE: FET) reported Q2 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $274 million versus the consensus estimate of $268.13 million.

• Orders of $310 million in 2Q18, up 45% y/y and 19% q/q
• Revenue of $274 million in 2Q18, up 36% y/y and 10% q/q
• Diluted EPS of $(0.14) and adjusted EPS of $(0.01) in 2Q18
• Adjusted EBITDA of $27 million in 2Q18, up 363% y/y and 43% q/q

Prady Iyyanki, Forum’s President and Chief Executive Officer, remarked, "Forum had a solid second quarter with sequential growth in orders, revenue, EBITDA and margins. New orders received by Forum in the second quarter were $310 million, a $49 million increase, or 19% sequentially, resulting in a book to bill ratio of 113%. Revenue in the second quarter was $274 million, up $24 million, or 10%, from the prior quarter. Adjusted EBITDA was $27 million, an increase of 43% over the first quarter. We are also pleased with the sequential improvement of our adjusted EBITDA margins which were up 240 basis points.

"Our financial liquidity remains strong. We ended the quarter with approximately $258 million of total liquidity.

"The global energy macro environment is strengthening, despite the short term Permian basin headwinds. Our balanced portfolio of consumable and capital equipment serving global markets across the well cycle, positions us nicely to achieve continued growth. We have been benefiting from the growth in North America onshore drilling and completions activity and we are now receiving significant international orders as the broader recovery begins to unfold."

For earnings history and earnings-related data on Forum Energy Technologies (FET) click here.