Forum Energy Technologies, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017.
For the fourth quarter 2017, the company reported Revenue was $247.7 million against $147.1 million a year ago. Operating loss was $27.1 million against $24.8 million a year ago. Income before income taxes was $85.0 million against loss of $25.2 million a year ago. Net income attributable to common stockholders was $51.3 million against loss of $12.5 million a year ago. Diluted loss per share was $0.47 against loss of $0.14 million a year ago. Excluding $56 million or $0.51 per share of special items, the adjusted net loss was $0.04 per diluted share in the fourth quarter of 2017. EBITDA was $112.4 million against LBITDA of $3.5 million a year ago. Adjusted EBITDA was $20.6 million against Adjusted LBITDA of $5.8 million a year ago.

For the full year, the company reported revenue was $818.6 million against $587.6 million a year ago., Operating loss was $141.6 million against $129.0 million a year ago. Loss before income taxes was $55.2 million against $138.1 million a year ago. Net loss attributable to common stockholders was $57.1 million against $82.0 million a year ago. Diluted loss per share was $0.58 against $0.90 a year ago. Net cash used in operating activities was $40.0 million against net cash provided by operating activities of $64.3 million a year ago. Capital expenditures for property and equipment, net of proceeds from sale was $24.7 million against $6.6 million a year ago. Excluding $0.20 per share of special items, adjusted net loss was $0.38 per diluted share for the full year 2017. EBITDA was $36.7 million against LBITDA of $48.9 million a year ago. Adjusted EBITDA was $29.1 million against Adjusted LBITDA of $24.9 million a year ago. Net debt at the end of the fourth quarter was $393 million, up $150 million.

In the first quarter 2018, the company expects revenue of $240 to $255 million and EBITDA of $18 to $23 million, which implies the EPS range of negative $0.06 to negative $0.03. The company expects Interest expense to be $8 million in the first quarter 2018. The company expects Corporate expenses to be $8 million in the first quarter. The company expects Depreciation and amortization to be $20 million in the first quarter.

The company estimates that effective tax rate for the full year 2018, taking into account the U.S. tax reform, will be approximately 25%.