Forum Energy: 2Q Earnings Snapshot
HOUSTON (AP) _ Forum Energy Technologies Inc. (FET) on Thursday reported a loss of $13.7 million in its second quarter.
The Houston-based company said it had a loss of 12 cents per share. Losses, adjusted for non-recurring costs, were 8 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The provider of manufactured technologies and applied products in the energy sector posted revenue of $245.6 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $258.1 million.
In the final minutes of trading on Thursday, the company’s shares hit $2.31. A year ago, they were trading at $11.65.