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 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.
FORUM ENERGY TECHNOLOGIES, INC. 
