Forum Energy Technologies (FET) Misses Q3 EPS by 2c

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Go back to Forum Energy Technologies (FET) Misses Q3 EPS by 2c

Forum Energy Technologies Announces Third Quarter 2015 Results

October 22, 2015 6:45 PM EDT

HOUSTON--(BUSINESS WIRE)-- Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2015 revenue of $245 million, a decrease of $224 million, or 48%, from the third quarter 2014. Net income for the quarter was $7 million or $0.07 per diluted share compared to $52 million or $0.54 per diluted share for the prior year period. The reported diluted earnings per share of $0.07 included a restructuring charge of $2.2 million or $0.02 per share and a foreign exchange gain1 of $2.8 million or $0.02 per share. See Table I for a reconciliation of GAAP to non-GAAP financial information.

Average oil prices declined approximately 50% from the... More