HOUSTON--(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.
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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.
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