Forum Energy Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 06:30 pm EDT
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Forum Energy Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 179.3 million compared to USD 181.8 million a year ago. Net income was USD 8 million compared to USD 16.5 million a year ago. Basic earnings per share from continuing operations was USD 0.78 compared to USD 2.85 a year ago. Diluted earnings per share from continuing operations was USD 0.77 compared to USD 1.82 a year ago.
For the nine months, sales was USD 553.7 million compared to USD 509.3 million a year ago. Net loss was USD 2.1 million compared to net income of USD 16.5 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to basic earnings per share from continuing operations of USD 2.88 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to diluted earnings per share from continuing operations of USD 2.37 a year ago.
Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. The Companyâs segments include Drilling and Completions and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. The products and solutions consist of products designed to safeguard artificial lift equipment and downhole cables, well construction casing and cementing equipment and others. It also manufactures downhole technology solutions, providing sand and flow control products for heavy oil applications.