Forum Energy Technologies (FET) Tops Q4 EPS by 11c

Forum Energy Technologies (NYSE: FET) reported Q4 EPS of $0.08, $0.11 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $273 million versus the consensus estimate of $257.91 million.

Review and Outlook

Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, "The market clearly softened in the fourth quarter, yet another change in market direction and sentiment, demonstrating the unpredictability of trends in our industry.

"As a result, Forum’s strategy will be to manage the business for success despite the market’s volatility and to not be dependent on a broad based, robust recovery. Our emphasis will be on generating free cash flow on a consistent and continuous basis. In the fourth quarter, our free cash flow was $23 million, a sequential improvement of $27 million. We ended the quarter with approximately $215 million of total liquidity.

"We are streamlining the business for efficiency in the current market. Forum has a number of strong products and brands with market share opportunity. I believe we have a strong financial position and low financial risk given our ability to generate free cash flow and our cost efficient model going forward."

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

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