Forum Energy reports increased financial results

Forum Energy Technologies, Inc. announced first quarter 2014 revenue of $404 million compared to $373 million for the first quarter 2013.

Net income for the first quarter 2014 was $37 million or $0.38 per diluted share compared to $32 million or $0.34 per diluted share for the prior year period. Included in the first quarter 2014 results were $0.02 per share of non-operational items. Excluding these items, adjusted diluted earnings per share were $0.40.

Drilling & Subsea

Drilling & Subsea revenue in the first quarter 2014 was $262 million, an increase of $40 million, or 18%, from the first quarter 2013. The increase was primarily due to the contributions from acquisitions closed in the third quarter 2013, and increased sales for drilling equipment and downhole products. Segment operating income in the first quarter 2014 was $47 million, an increase of $12 million, or 33%, as margins improved for drilling equipment and products.

Production & Infrastructure

Production & Infrastructure revenue in the first quarter 2014 was $143 million, a decrease of $9 million from the first quarter 2013. The segment experienced lower demand for valves and production processing systems over the prior year. Sales for pressure pumping consumable products increased 19% from the prior year period. Segment operating income increased 12% due to the addition of the Global Tubing joint venture acquired in the third quarter 2013.

Review and Outlook

Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, “Forum had a good start to 2014 with record revenue of $404 million and improved operating income and margins. Our focus continues to be on driving growth, improving operating performance and increasing our margins.

“We had record orders of $486 million in the first quarter. Drilling & Subsea segment orders increased $61 million sequentially due to higher demand for drilling and subsea equipment and products. The Production & Infrastructure segment experienced a sequential increase in orders of $38 million for pressure pumping consumable products, valves, and production and processing systems.

“Forum expects diluted earnings per share for the second quarter 2014 of $0.38 to $0.44.”

Recent Events

Forum signed a contract with Canyon Offshore to supply three Perry™ XLX Evo 200HP work-class remotely operated vehicle systems and two Dynacon launch and recovery systems.

Forum received an award for pipe handling packages for seven new build land rigs in Latin America, which includes Forum’s Wrangler hydraulic catwalks and FloorHand FH-100 iron roughnecks.

Press Release, April 25, 2014

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply