Forum Energy Technologies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023
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Forum Energy Technologies, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 185.4 million compared to USD 172.2 million a year ago. Net loss was USD 6.6 million compared to net income of USD 9.3 million a year ago. Basic loss per share from continuing operations was USD 0.64 compared to basic earnings per share from continuing operations of USD 1.61 a year ago. Diluted loss per share from continuing operations was USD 0.64 compared to diluted earnings per share from continuing operations of USD 1.15 a year ago.
For the six months, sales was USD 374.4 million compared to USD 327.4 million a year ago. Net loss was USD 10.1 million compared to net income of USD 0.1 million a year ago. Basic loss per share from continuing operations was USD 0.99 compared to basic earnings per share from continuing operations of USD 0.01 a year ago. Diluted loss per share from continuing operations was USD 0.99 compared to diluted earnings per share from continuing operations of USD 0.01 a year ago.
Forum Energy Technologies, Inc. is a global company serving the oil, natural gas, industrial, and renewable energy industries. The Companyâs segments include Drilling & Downhole, Completions and Production. Its Drilling & Downhole segment designs, manufactures and supplies products and provides related services to the drilling, well construction, artificial lift, and subsea energy construction markets, including applications in oil and natural gas, renewable energy, defense, and communications. Its Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. Its Production segment designs, manufactures, and supplies products and provides related equipment and services for the production and infrastructure markets. It provides a range of industrial valves. The Company also manufactures customized downhole technology solutions in sand and flow control for heavy oil applications.