Forum Energy Technologies Announces Effect of Hurricane Harvey, Updates Third Quarter 2017 Guidance
October 11 2017 - 8:00PM
Business Wire
Forum Energy Technologies, Inc. (NYSE: FET) announced today that
its third quarter results were adversely affected by Hurricane
Harvey’s widespread damage in Texas and Louisiana. Forum was
impacted by temporarily idled facilities and operations directly
related to Harvey, which resulted in foregone revenue and
under-absorption of manufacturing costs. The company also
experienced the indirect effect of customer, supplier and
logistical delays.
Based on currently available information including the direct
and indirect impacts of Hurricane Harvey, the company now expects
third quarter revenue of approximately $200 million and a net loss
of approximately $0.20 per diluted share in the third quarter 2017.
Excluding approximately $0.10 per share of special items for taxes,
restructuring charges, transaction expenses and foreign exchange
loss, the adjusted net loss is expected to be approximately $0.10
per diluted share.
Prady Iyyanki, Forum’s CEO, commented, “We were fortunate that
none of our facilities received significant damage, and all were
fully operational by the end of the third quarter. We are also
pleased that customer demand remains strong, as orders in the third
quarter were up from the prior quarter.”
The company will provide an update on its third quarter 2017
earnings conference call to be held on Tuesday, October 31,
2017.
Forum Energy Technologies is a global oilfield products
company, serving the drilling, subsea, completions, production and
infrastructure sectors of the oil and natural gas
industry. The Company's products include highly engineered
capital equipment as well as products that are consumed in the
drilling, well construction, production and transportation of oil
and natural gas. Forum is headquartered in Houston,
TX with manufacturing and distribution facilities
strategically located around the globe. For more information,
please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the company, including any statement about the
company's future financial position, liquidity and capital
resources, operations, performance, acquisitions, returns, capital
expenditure budgets, new product development activities, costs and
other guidance included in this press release.
These statements are based on certain assumptions made by the
company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. Among other
things, these include the volatility of oil and natural gas prices,
oilfield development activity levels, the availability of raw
materials and specialized equipment, the company's ability to
deliver backlog in a timely fashion, the availability of skilled
and qualified labor, competition in the oil and gas industry,
governmental regulation and taxation of the oil and natural gas
industry, the company's ability to implement new technologies and
services, the availability and terms of capital, and uncertainties
regarding environmental regulations or litigation and other legal
or regulatory developments affecting the company's business, and
other important factors that could cause actual results to differ
materially from those projected as described in the company's
filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on
which such statement is made and the company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171011006356/en/
Forum Energy Technologies, Inc.Investor ContactMark Traylor,
281.368.1108Vice President, Investor
Relationsmark.traylor@f-e-t.comorMedia ContactDonna Smith,
281.949.2514Director, Marketing &
Communicationsdonna.smith@f-e-t.com
Forum Energy Technologies (NYSE:FET)
Historical Stock Chart
From Aug 2024 to Sep 2024
Forum Energy Technologies (NYSE:FET)
Historical Stock Chart
From Sep 2023 to Sep 2024