Forum Energy: 4Q Earnings Snapshot
HOUSTON (AP) _ Forum Energy Technologies Inc. (FET) on Thursday reported a fourth-quarter loss of $383.7 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of $3.52. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 8 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The provider of manufactured technologies and applied products in the energy sector posted revenue of $272.9 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $257 million.
For the year, the company reported that its loss widened to $374.1 million, or $3.44 per share. Revenue was reported as $1.06 billion.
In the final minutes of trading on Thursday, the company’s shares hit $4.80. A year ago, they were trading at $15.10.