Forum Energy Technologies recorded profit in the first-quarter 2018 of $28 million, or 25 cents per diluted share, compared to net loss of $15.8 million, or 16 cents per diluted share, for the prior-year comparable period.
Sequentially, Forum recognized close to 43 percent drop in profit from 46 cents per share.
The Q1 2018 profit is a result of special items which included a gain of $34 million related to the contribution of the subsea rentals business to Ashtead Technology in exchange for a 40% interest in the combined company and a $16 million tax benefit from applying updated guidance on U.S. tax reform.
Excluding these special items Forum booked quarterly adjusted net loss of 7 cents per diluted share.
The Houston-based oilfield products company generated revenue for the quarter ended March 31, 2018 of $250 million, compared to $171 million in the corresponding period in 2017. Sequentially, revenue increased from $247.7 million.
The company said it had ended Q1 2018 with $277 million of total liquidity.
Forum said it expects its subsea segment to receive some non-oil and gas orders in the Q2 2018, and estimates this division will achieve EBITDA break even or better for the balance of the year.
Subsea World News Staff