Forum Energy Technologies recorded profit in the fourth-quarter 2017 of $51 million, or 47 cents per diluted share, compared to net loss of $12.5 million, or 14 cents per diluted share, for the prior-year comparable period.
Sequentially, Forum also returned to black from $15 million loss.
The Q4 2017 profit is a result of a pre-tax gain of $120 million related to the Global Tubing transaction (which Forum acquired in October last year), partially offset by pre-tax charges of $29 million and tax charges of $35 million. Excluding these special items Forum booked quarterly adjusted net loss of $0.04 per diluted share.
The Houston-based oilfield products company generated revenue for the quarter ended December 31, 2017 of $248 million, compared to $147 million in the corresponding period in 2016. Sequentially, revenue increased close to $48 million.
Forum’s total revenue for the full year 2017 was $819 million, an increase of $231 million, or 39%, from 2016. Net loss was $57 million, or $0.58 per diluted share, against $ 82 million loss, or $0.90 per diluted share.
The company said it has ended the year 2017 with $115 million of cash on hand.
For the Q1 2018, Forum estimates its EBITDA of $18-$23 million, with revenue up to $255 million.
Subsea World News Staff