FET unveils loss for third quarterCompany News // October 31, 2016
Forum Energy Technologies (FET) has announced third quarter 2016 revenue of US$138 million, a decrease of US$5 million, or 3 per cent, from the second quarter 2016. The net loss for the quarter was US$18 million, or US$0.20 per diluted share, compared to a net loss of US$29 million, or US$0.31 per diluted share, for the second quarter 2016. Excluding US$0.01 per share of special items, the adjusted net loss was US$0.19 per diluted share in the third quarter of 2016.
Special items in the third quarter 2016 included pre-tax charges of US$4 million for restructuring related to facility closures, partially offset by US$3 million of foreign exchange gains.
However, for the first time since 2015, Forum experienced a sequential increase in orders. New orders in the third quarter were US$145 million, a 13 per cent increase from the second quarter 2016, resulting in a book to bill ratio of 104 per cent.