Forum Energy Technologies (FET) Misses Q1 EPS by 2c
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Forum Energy Technologies Announces First Quarter 2016 Results and Change in Reporting Segments
April 28, 2016 9:41 PM EDTHOUSTON--(BUSINESS WIRE)-- Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2016 revenue of $159 million, compared to $348 million in the first quarter 2015. Net loss for the quarter was $23 million, or $0.25 per diluted share, compared to net income of $29 million, or $0.31 per diluted share, for the prior year period. Excluding $0.03 per share of special items, the adjusted net loss was $0.22 per diluted share in the first quarter of 2016. Forum generated free cash flow after capital expenditures of $23 million during the first quarter of 2016.
Special items in the first quarter 2016 included pre-tax charges of $4... More
Forum Energy Technologies Announces Acquisition of a Wholesale Completion Packer Business
April 28, 2016 8:25 PM EDTHOUSTON--(BUSINESS WIRE)-- Forum Energy Technologies, Inc. (NYSE: FET) announced today that it has acquired the wholesale completion packer business of Team Oil Tools, Inc. The business designs, manufactures and sells a wide variety of completion and service tools, including retrievable and permanent packers, bridge plugs, and accessories to oilfield service providers, packer repair companies and distributors on a global basis.
Team Oil Tools will continue to operate its completion technology and service business across North America.... More
